Have to disagree.Great that an auction has started - will likely...

Have to disagree.

Great that an auction has started - will likely see a really top sale price for ENV now.

As to CKI getting to 51%, if they did they can vote off the APA rep Director if they are being disruptive. There is no requirement that you must have a Director just because you have 31% although it is normal convention and you would expect in reality the Director will act professionally and not have to be thrown off.

As to missing the APA div., well that is somewhat of a misnomer. The share price of the APA shares you would receive under their bid will adjust down by the approximate value of the dividend on the ex date so I don't place much value on that dividend. Also their is provision under the scheme for ENV to pay additional dividends if the bid is materially delayed.

If still worried, you can sell your ENV today and buy 20% more APA than you could have yesterday.

Finally, great to see those big guns out on the buy side in the pre market.