the sounds of silence

As the TTY deadline draws near, not a word from the board, so the rocket scientists at OLY believe that they can fend off TTY with a very interesting valuation that says the offer is under-priced and "trust us we can deliver a better outcome". Like ostriches with heads firmly stuck in the sand, hoping they are out of danger. Guess what Mal it's not working!

Someone flipped 1,000,000 shares this morning and if they think that by doing nothing they will avoid handing control to TTY they are dreaming, just like Mal and his team have been for the past two years.

It is interesting to contemplate whether there are grounds here for the usual ferral lawyers to consider a class action against this company for those shareholders who sold post 29/2 (the date the board entered into the secret loan agreement)and before the bid on 11 March 2008. The theory of an informed market.

Anyone who took part in the capital raising in December 2005 might also closely examine whether there may be opportunities to recover losses. Mind you the company could also recover its capital raising fee if an action was successful.