bidders statement, page-6

Aka,

I agreee with you that there is a risk that SOL could gain control by getting to 50%+, however the odds of that happening are unlikely given the composition of the share register.

Whilst the register will have changed somewhat since it was last released publicly, in last year's annual report, at that stage it showed that the majority of shareholders held large positions.

At that point only 56m shares were held by holders of less than 100k shares. I would suspect that the holders of more than 100k are more likely to do their sums, and therefore unlikely to accept the offer of 19c. I certainly hope so!

We can assume that the vast majority if not all of the shares traded since the announcement of the offer will not be handed over to SOL for 19c.

That would lead me to believe that SOL will not be successful at getting control, and therefore only get IVA's holding. Indeed they may only get to 19.9% as IVA would be expected to sell on market at a price higher than 19c if no other offer was to come forward. They may have already sold some.