Ann: Variation to increase offer price, offers unconditional, page-8

The price won't go down on 2 November, it can effectively go down to that within 5 days of today after purchasers from today are listed on the share register and are able to accept the offer and sell the remaining allotment - you don't have to keep your remaining 50% share holding until after the offer period closes. I called up comsec and accepted the offer at around 9am and sold out this morning around 10:30am before the sell off dropped it back down.

Its an arbitrage play. 2.63 is the value you get to break even on making the trade - e.g. buy 20,000 shares @ 3.04 = 60,800; sell 50% @ 3.45 = 34,500 & sell remaining 50% @ 2.63 = 26,300. 26.3k+34.5k=60.8k. Anyone entering into this now will be happy to sell it down to this point.

I am thinking going short may prove quite profitable on this stock for a short term play.