I_C_ ... Perhaps you are right but I wonder if the NDs may indeed be privy to the PEA in advance, as you suggest, and a winning bid is made and accepted by the BOD of lets say $20/s. Would retail then vote ONLY on this accepted share value? I suspect the answer would be YES....? So ZEN gets sold and we the retail never see the PEA. Perhaps retailers that expected $28/s would be disappointed at voting on an unaware basis of not seeing the PEA but those that would have been happy at a buyout share price of say $9/s are grinning like Cheshire cats. I guess it all depends on ones share price expectations as to the value of the PEA to retailers. the deputy