Ann: Diggers and Dealers Presentation 2018, page-14

Depends what type and what grade and what size. Let's say it would not hurt the story.

I'd really like it if us retail guys holding reasonably significant amounts of stock could somehow get together to form a block that we use to help management fend off a TO, when and if it comes and in the event that is what management decide is best for shareholders.

You could image that many people would be tempted to sell if an offer came soon at between 60-70cents and then it was sweetened to between 70 and 80cents. It pretty much always happens that people stick to the old adage that a bird in the hand is worth two in the bush, plus normally after the TO is announced the shares trade up near the offer price (depending on the type of TO) at a slightly discounted rate to the offer price. The discount normally represents the probability of the offer failing or not becoming unconditional. Often shareholders will be also scared into selling because they will be told that if the offer fails the share price will fall back down to pre-offer levels. Esh