"Actually institutions now have 59% of NOT"

So, this means that without the complicity or at least the accord of the institutions, no one could take over NOT at this time, as the indtitutions (59%) and the BOD (2%) have the majority of the shares.

This is why FWR could be an easier take over if the ratio is the same as for NOT and that the institutions have already agreed with NOT for the take over by NOT of FWR. There would be no chance for NOT to succeed in the take over bid if the institutions would not go with NOT (assuming that the institutions owne more then the retail)? And of course we know that Cliff owne's 10% of FWR.....

JH