Hi Daryl, In short, both the AFRIMAT and Ata proposals have been terminated. Wescoal (as member of the consortium making the “Ata Proposal”) announced to market that negotiations regarding the updated proposal had been abandoned and so too the Ata/Wescoal consortium. For more detail you can refer to page eight of their March quarterly report. We note that following the AFRIMAT bid being withdrawn that the dataroom was closed, so we’re not sure if Ata may still be in the picture looking to go it alone. Since 2016 there have been numerous parties having a look under the hood, and in our experience, stocks that attract multiple bids over time are typically acquired eventually. With a dividend yield of 11%, we’re certainly being paid well enough to wait and see if Ata, or even another party, return to the table. Regards, Luke

On Ata Goes Binding in its Tilt for Universal Coal -

Thanks Ashford. As you correctly state, all three of the opportunities mentioned in the article have largely passed however, there are many others that remain available at the time of writing. Best Regards - Luke

On The Little Known Buffett Strategy -

Hi Carlos, Thank you for taking the time to offer your thoughts. The first point I think should be necessary to make is that we’re not passing judgement on who should or shouldn't own Healthscope (or any other companies for that matter). We manage a market neutral fund that specialises in trading 'events' (including M&A) and hence our analysis of the situation is based solely on the likelihood of the current offer succeeding and/or the likelihood of the offer terms being improved. For this reason, we are very much focused on the ‘short term’ and whilst we appreciate this approach is not for everyone, it has generally served our investors well. In the case of Healthscope specifically, we would note that the transfer of ownership does not necessarily mean that the underlying assets disappear, evidenced by the fact that Healthscope had been previously owned by private equity before returning to public markets in 2014. The inclusion of Australian Super in the bidding consortium (who would most likely have a very long-term investment horizon) indicates to us that BGH are very much taking a view to the long term with their offer. Of course, at this stage the BGH/Australian Super consortium are yet to even be granted due diligence access, let alone make a binding offer so, the situation has some way to play out yet. Luke

On Healthscope talk of the town again -