"Bang on sag4tag, a simple concept that can very easily be obtained with a few more good releases before Dec 1st. "

Sag does present a very reasonable scenario, with 3 very possible events. In truth though I don't think it would take more than any single one of these events to win the day.

As is stands, with the alternative that has been offered, there is a good chance of them getting a commitment for 34% of the shares by the deadline of Dec 01. I think it is a given that they will be holding some dry powder for the last 3 days prior to the deadline. If they could present any one of Sag's suggestions, and in doing so drive the SP to anything over 2.80, they would be pretty much guaranteed that number of shares, which if they took up without triggering the SRP, would effectively kill any hopes Cliff's had of success.

At any rate I doubt that NOT is going to come back with a huge increase in their offering in order to scare Cliff's off. What the shareholders are now looking at are 2 offers that are very close to even, maybe 49/51 either way. As the closing date draws near, there is going to be an increasing sense of either elation or dejection, depending on what side of the fence you are on, and typically 90% of all committments are made in the last 3 days.

If I was on the NOT BOD, I might just be inclined to let this thing ride right to the closing date, see how the numbers finish, and then decide on policy going forward.

My predictions on the outcome have not changed, and I bought a whole swack of NOT today. Just couldn't help myself.

Best regards

K