Ann: Bidder's Statement, page-6

Watching the trading in AVB and this is suggesting that the bid will likely get up although it is early days and a lot can change.

Had AVB been trading lower than 16c that would suggest that the market is doubtful of OZL succeeding.

Had the trading been at or above the bid price, currently around 16.6c based on the current OZL share price then that would indicate the market expects a competing bid. Note that the target’s statement shows no alternative bidder had appeared as at the time they lodged their target statement.

AVB trading in a tight range indicate the market expects the bid to succeed and buyers are aiming to take a small profit buying just below the bid price.

I expect most AVB holders will hold off to see if a higher bid appears so I am not anticipating a flood of acceptances this early in the process.