Disclaimer - I have no inside knowledge or contacts at BVA or...

Disclaimer - I have no inside knowledge or contacts at BVA or Ironbridge, so this is pure speculation. DYOR or else!

I think if I was in Ironbridge's shoes, I would be looking to mop up as many shares as possible over the next twelve months.

About a year after the prospective RI, in partnership with the larger management holders, I would arrange a take-over seeking the 90% level for compulsory acquisition (as soon as those individuals who take up the Rights Issue can get the CGT reduction would make any offer more tempting).
Then I would delist BVA, and work on it behind the scenes without any issues re small holders and disclosure etc.

Then at the top of the business cycle when the markets are full or froth - sell it.

Anybody have any opinions on this?

Also any opinions on why the SP went up today? I thought BVA went ex rights entitlement yesterday, but I may be wrong about that. Seemed strange to me.