Just wanted to be sure: RCF with the $10M PP (19.2M shares) now has about 40M shares of NOT (= 40/208 = 19.2% OS give and take a bit). If this is true, then...

Questions (too many): Why Baosteel just wanted to sit at 9.9% level (by buying 2.56M shares for $1.33M) while it has an option to increase its holding to something like 19.9%? Is it because it is does not have to do this right away (can do it at a moment's notice)? Or is RCF a proxy and can be bought out if the price is right? and Baosteel want to have some dry powder in reserve. So, hypothetically speaking there are 2 blocks of approximately 20% + 10% +10% (in reserve) = 40%. That would be enough to block a hostile TO? Note that 20% +10% is not quite 2/3, but with the 10% in reserve that would push the total over the 1/3 level.

I think Baosteel just wanted to "keep them guessing" like in the Oil of Olay commercial.

Just speculating.

goldhunter