"Am I right in saying that an offer for 7% of the company"

Actually it is about 3%, which is still a substantial figure. The thing is though that it involves 37 different bidders, so unlikely to be CLF working behind the scenes. Actually again, if someone was acting for CLF or anyone, there is a whole 1% on the offer at a price of .165, and it would be logical for them to take it out in one sweep.

If one looks at the bid/offer, they are right on where they should be. There were a whole slug of people that were satisfied at .13, and once they were taken out the volume decreased to minimal. Even just looking at the arbitrage players that bought in then, they could now sell for 25% gain, and have likely done so. Most of the rest are planning to hold tight, at least for the interim, and thus the volume is drying up once again. There are 20mill shares on the bid at .16. These are arbitrage players who now know they have a down side of a half penny gain with the upside at maybe 50% gain. Good odds for anyone, I would think.

The one I don't really understand are the sellers at .165. Why sell now when you know the offer is good for the interim, and likely will be raised at least once more.

Best regards

K