My money's on "the pirates just think they can do whatever they...

My money's on "the pirates just think they can do whatever they want."

The Form 604 is required whenever there is any change in a substantial holder's interests regardless of how the change came about - whether it be a result of takeover offer acceptances, off market transfers, exercise of options, etc.  I have no doubt that if the pirates are queried on this they will say that it's the result of an off-market transfer or something totally unrelated to the takeover.

I wouldn't be surprised if either of the following scenarios are behind this 604 announcement:

- The pirate's lawyers have found a way of circumventing the orders from the takeover panel.

- The pirates have processed some off-market transfers for the sole purpose of keeping the 604 announcements coming in order to demoralise shareholders into thinking there is no other way for things to proceed.