I often have a quick glance at pre-open to see what's cooking....

I often have a quick glance at pre-open to see what's cooking.  It has looked like this a number of times.  Today I grabbed a screen shot:



Which shows a buyer standing in the market waving a lazy $1.4m at sellers.  After market open, the fat bids are gone.

This isn't the behavior of a fat super fund seeking retail exposure.  My guess is, it is Colosseum - who else has this kind of appetite?

So, their interest is immediate and constant.  They can buy 3% every six months under the creep rule, which would be market cap $52m/.03 or $1.56m.

PAS is in play.  Colosseum wants it.  Are you willing to let them have it cheap?

Ash