trust company valuation, page-12

Yeah, it's just a valuation that the RE is required to put out every 12months. It isn't an offer for your shares and doesn't pretend to be. For all intents and purposes it is a useless and even somewhat arbitary value.

But you are wrong about negotiating. ONLY the RE can negotiate. Then the members (ie holders) can vote. Holders are not part of the negotiating. But the RE has canvassed a few holders that Im aware of. And I imagine they might open dialogue with PIGs as they represent a large following.

I'd say, reading between the line, Graham mentioned PIGs were set to meet with management but it was cancelled due to Webinar1. To me, it suggests management are concerned about talking/negotiating with/to PIGs as nothing can be held in confidence.

I've seen that with other companies that have 249D lodged and hostility develops. Their is a point of no turning back. Most likely PIGs are already at that point as far as being labelled an enemy and a public one at that.