Ann: Commentary on Half Year Results , page-10

I guess they are intent to buy up until for example $4, and they are taking everything the sell side will give them, so they have to buy slowly over a few weeks, making is a slow rise.

According to Commsec the Book Value (net assets) is ~$5 per share. If they are selling assets then we may be realising a premium above the $5 price tag. So possibly the sale of assets would move the SP closer to $5.50 and then it's possible that a TO would provide a further premium...

I didn't expect it to run to $3.70 so fast, but that's my logic behind the rise.

So if we are simply trading then we attract a $2.00 SP, but if we're selling assets and maybe being taken over then we move upwards towards $5.00.