there is no doubt, maths is maths, that's why, Ernie and Max coal did their maths steps by steps before doing any TO.
IMO, first sending PAC broker to do another IPO and bought shares in IPO. after IPO Ernie bought big stake by CR and market purchase. In next step tied up few contracts for be first buyers and put other buyers out of the game. then, purchased new machinery, pay for working capital and reduced rented haulers. recently also, increased its stake to 30% to kick A* Gary from board and bring their mans on board to sort out TO ( short contract with new CEO, by higher salaries). we shouldn't forget Ernie is one of successful miners in US, while is doing coal trades.
based on ASX regulation any change in T20 that increased by 1% of entire stock should be informed to market. last announcement regarding to Gary shows that he didn't sell single shares of 17M unescrowed shares so far.
another fact also shows that recent T20 in various time period confirmed that T20 becomes bigger and bigger and share holders out of T20 becomes smaller and smaller.
IMO, recently, this reaction of SP is just managed by cappers and wanna more shares. you should ask yourself why shorts don't have crystal ball to short $B2Y? the answer is very clear.
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