why sell at 202, page-17

"compulsory acquisition mode" - what do you mean. A 20% holding doesn't give anyone the right to compulsorily acquire anything.

Sorry, misnoma - more like "compulsory takover mode" in that they must lodge a takeover bidder's statement to Hardman shareholders. You can hold up to 19.99% of a listed company and remain as a subtantial holder. However, once you hold more than 20% or a listed company, you must lodge a takeover bid for that company. Most recent recollection of such talk was Amcom buying up close to the 20% in iiNet - which caused IIN shares to surge on takeover talk. But AMM fell short and simply stayed as a substantial holder. Of course, IIN share's been on a slide eversince.

In this case, they have already publicised their intention to takeover because it's a a friendlies. So it's only logical that they would build up their stake past the 20% point. In a hostile t/o, the suitor usually build up a position towards a 20% in a hurry before revealing their hands.

"Complusory acquisition" will only occur at 90% holdings.

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