What I find strange about the announcement is that it is completely absent any commentary as to whether or not the board consider this offer as (in principle) fair and acceptable. Silence IMO suggests otherwise and that they are still holding out for something higher if that can be achieved. Clearly the offer as it stands leaves them with much egg on faces.
The other thing that is very vague is the reference to the exclusivity period. It doesn't really clarify what will take place during this period of "exclusivity" other than the accounting work on earnings analysis.
Given the above two points....I am wondering whether a big part of the 10 day period will be further price negotiations with Sycamore/Naude. And perhaps a key input to those discussions will be the findings of the Internationally recognised accountant when "confirming earnings quality". Perhaps they are saying that any price offer (or any higher offer) is dependent on our lenders and in turn the lenders are dependent on the earnings quality assessment.
Trying not to be unrealistically optimistic but given the lack of clarity can't help wondering.
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