Ann: Change in substantial holding from BCI, page-8

They wouldn't have extended the acceptance date if they wanted out.

Hotfire mentioned low book value, I have had similar thoughts as far as perceived values,

No doubt shorters are taking advantage of the low IO prices but IMO it would be in the interest of the IOH major shareholder that has already accepted to get the value of the deal down so to lessen any capital gain therefore any sizable tax amount payable. At the completion of deal there % holding would be the same and then the share price will/can recover.

In short no loss of value and no tax payable. A win win wouldn't you say. The big end of town can move things around for their own benefit. We will await and see.