what am i misssing here, page-12

you need to understand MAK didn't run today just based off the announcement. there were plenty of buyers that wanted to get into MAK at cheaper prices before this announcement. but the announcement was a catalyst, some buyers crept over the top of each other, causing alarm for those that still needed exposure to phosphate, then when we went through previous high's panic buying ensued and then whoosh. it finished well bid up on the close in speculation of a gap up tomorrow. this entire process i described is just simple market dynamics. i would like to call this a re-rating rather than directly attributed to the announcement - although the announcement cutting 3 months off feasability certainly helps.