Mahelion Most of the guys who have announced as sub Holders...

Mahelion

Most of the guys who have announced as sub Holders after the bidding started are financial intermediaries. They play the bid and hope to get a higher offer with little or no risk. In the end, it is their interest to accept, as if they don’t, they get caught in a liquidity trap and can’t get out.

I understand from media reports that Beach/Seven have built a position but this has not been formally declared. They are probably playing to ensure they get some value via their 50% holding in Waitsia, i.e. a bigger seat at the table for key decisions.

Remember, the bid only has a 50% acceptance threshold, so the bar is not as high as normal. This also leads to the prospect of the bid being successful and AWE remaining listed with Mitsui as a +/- 70% shareholder. That is probably not what they want, but it is a potential outcome.

I also see that Mitsui have lifted their interest again this morning, which is the start of an acceleration towards the magic number.

Hope this helps.

AL