The Trade:
The 45% acceptance threshold is doable, and the market is hedging this outcome.
Trading tight at A$5.04/share as I type or 1.2% gross.
If not in, I’d be looking elsewhere. I wouldn’t short it here.
Key dates from here:
IFM had indicated that it will give a Notice of Status of Conditions on 4th June 2026.
Next close of the Offer is the 11th June 2026.