The challenge of course is in confirming the validity of individual holdings, but I don't think that WN had more than 55% when they declared their final holdings. If they were intent on keeping extra shares up their sleeves they would have declared 51%.
Hence I think if you assume that 85% of the shares that have traded since the final statements are theirs, then assume say 90% since the final offer has been made you are getting close to the maximum they could hold through associates. They are still short on my count and are either dependent on people accepting their offer (unlikely) or we will need to keep buying on market (which is why they have extended the offer).
The big question is how long can they hold out to milk the lower prices? At what point will the imperative for ownership over-ride the current "acquisition by attrition"?
Can they afford to keep extending? .. because at the current turnover rate it will take a few more months for them to get close.
BRM Price at posting:
$2.04 Sentiment: Hold Disclosure: Held
