why price dropping, page-18

gotcha, sorry I thought when you meant a "small increase" on VWAP that you were taking something like 5%.

I don't necessarily consider a 30% increase on VWAP all that small. For instance, that would price EXS at around 90c at the moment.

SOL could probably get away with an offer of around 40c ex-dividend I would say.

Having said that, I am not hanging out for them to make an offer. I would be happy for them to accumulate to 20%. That way, we have 2 long-term holders taking up nearly half of the free float, which is great for the share price when we go ex-div and the announcements start pouring in.