Foss, as indicated in my previous post (pasted below) RCF now has approx 20% after this PP of $10M (for 19.2 M shares). They became an insider when they crossed the 10% line (May 23 NR says that after buying some extra shares they were not under the radar anymore and required to declare themselves as insider with 21.069M shares or 10.11%). There were questions regarding why they wanted to fly above the radar...to signal to others that they are a credible force to be reckoned with? (kindda an "in-your-face" tactic just to make Baosteel sit up and notice the new kid on the block? or was it all set up by Baosteel?).

Anyway, now they, RCF, have approx 40M shares or apprx 20%...and Baosteel just tried to maintain 9.9% by spending a measly sum of $1.33M, while it has an option to jack the holding up to 19.9% (after 2 May 2012)?

Score: 20% RCF versus 9.9% Baosteel. No problem for our deep-pocket friend from the East?

Speculation, anyone?

goldhunter

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RCF is now way ahead of Baosteel?

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.