Where to from here, page-5

BLK shares are so tightly held because it has a small issued capital. The reason so few shares were issued was that the Matilda project and Wiluna plant were bought at peanuts liquidation prices at the bottom of the gold price cycle 2-3 years ago. IMO, any company that in future might want to make a takeover bid for BLK will be required to pay a fabulously high price premium.

Moreover, the issued share register of BLK has a very strong base of very loyal long term investors who backed the BLK management team and gave them their proxy forms to oust Joe Gutnick from the scene.
Additionally, Hunter Hall invests in companies only where it can see there is very strong potential to realise gains that exceed a very high multiple of its entry price into BLK.
A takeover bid by anyone would probably be an unnecessary distraction for HH at this point in time.