@Colflan it even gets more interesting as the ace that HumanForce (HF) held was that they would use their 19.9% stake to block any scheme of arrangement from TAG as they needed 75% to get over the line. In this mornings annoucement they will also enter (if IHR agrees) to a takeover implementation bid that would reduce the shares needed to 50.1%, but the price would only be 21c or 21.5c if they get 75% but 22c if they do the takeover using the scheme of arrangement. To me this is them trying to shake HF out of the bidding war. If HF sell into the 22c bid then they will have made a good return on their investment, and they will avoid either overpaying or becoming a minority holder in the private company.
In the bidders statement from HF last week or so they did mention the options and performance rights that come into play at 0.22c and above so as we move higher into the twenties, the total cost is getting increasingly expensive. I think we are approaching HF limit and I wouldn't be too surprised to see them push TAG to go one bid (to maximise their return) and then sell their 20% to TAG. Just my thought but I think we are getting close to the end.
Hi @Colflan - regarding the Trading Pause, I have noticed these popping up lately and my understanding is that is something the ASX do when they see something they believe is worthy of an explanation, like a spike in trading, or a media article that the company has not responded to via the ASX, and it seems that the Pause is done while the ASX contact the company and ask them to either announce something immediately or else request a Trading Halt. In my experience these trading pauses generally last for less than an hour and are always followed by either an announcement or a trading halt (or occasionally the company request a trading suspension, although usually a trading halt comes before a trading suspension).
So, (a) I believe it's the ASX who put companies in these Pauses while they seek clarification from the company on something, and (b) they never last for very long.