Ann: Ceasing to be a substantial holder, page-79

Why would SBM pay 1c above market when they can keep getting shares at a discount?? PEX will burn through its cash and SBM can increase its stake through share placements (and creeping if they want). And why go through the hassle of a rights issue when you've got two parties in HHM and SBM who seem ok to keep throwing cash in and quickly and might be very happy to move up the register together and who gives a fk about minority holders. Wouldn't be the first time that's happened. That is unless minority holders like us start to make some noise about participating in future raising. Remember management can keep from getting diluted through employee options but we can't. Going to full takeover would cost SBM 50% more than current MV as a minimum.That cashed up Fox is already in the hen house. Best thing PEX can do is produce back up results to keep driving up the SP, spin out Apollo try and get the JV partners bidding to take out the other assets and try and get an auction going between SBM and someone else. But they will need more proof than current results. That's the only way I can see them flushing out a bid and maximise value for ALL shareholders. From today's action I'm sensing Mr Market agrees.