director's shareholdings - "skin in the game", page-4

Interesting.

Did a bit of digging in their last annual report and found this:

"Due to the weak market conditions prevailing as at 31st July 2013, the company has written down the carrying value of its investment in Dart Energy Limited, Westside Corporation Limited and the Quantex group of companies. These represent oneoff, unrealised impairments to the book carrying value of the investments which totalled $51.4 million on an after tax basis."

So, since it is already written down, perhaps there is not much of an "emotional attachment" to the 17.7% stake - and reading the quarterly statement about NHC "considering its position" would seem to indicate that they would wait until closer to June 24 and then support it in the absence of a better offer.

*** Also in today's AFR there was a piece about PetroChina and their enthusiasm to buy. They compared this to Mitsu in the article, who "seem to be happy to sit and watch with minority holdings, not taking responsibility for control' (not an exact quote, but words to that effect.

So all this has me thinking that in terms of a better bid, it's STO or nothing...

Here's hoping.