Ann: Launch of Car Rentals for RACV Insurance Customers, page-76

Build a position by stealth at these ridiculously low prices up to 5% without making your intentions known. As soon as you announce sn offer of 4/5c the cats out of the bag, the SP will go well beyond that and you will be forced to bid higher for all the stock. The current performance of the business does not justify the current SP; a TO offer will validate the business and would be a wake up call for the market. I dont believe a 4/5 c offer would attract a lot if interest. All it will do is highlight the true potential