1.   There is a minimum bid price of entry to a second phase.

2.   It is usual practice for the management of the trust to set the bid price above the limit set by the formula.

3.   However, when demand is slack and there is an excess of supply over the demand for units, the bid price may equal the cancellation price.

4.   In each case, all bids are accepted at a common price, either the tender price or the minimum bid price accepted.

5.   This effective underpinning of the subsequent bid price is a further incentive to wait and see what happens.

6.   And what you have to, what actually happens, you have what is known as an offer price, and a bid price.