RE:RE:RE:RE:RE:SIBwell thats the trick...
they currently report owning just over 80% of each but i am a firm believer that figure is understated.
have argued in prior posts how, say in ELF's case, they report the "public float" as shares o/s less the big three insiders (D&A, C&F and EVT which collectively own approx 2.4mm - see last SIB circular)
however, HNR reports almost 3mm. the difference being entities (the non reporting privates) that they say are "affiliates" but "not controlled" by HNR despite them agreeing not to tender last time around.
So HNR is the bare minimum and as that total doesnt even include directors, officers and other family, I maintain their sphere of influence ownership is much higher and possibly even over 90% for some of them.
so net net, i recon these tenders are for 1/3 - 1/2 of the true remaining float and would be flabbergasted if they get full fills at top of range
the only way i see it happening is if market tanks in interim and remaining funds panic and tender
should they only get small fraction tendered, this could well be catalyst for higher offer