Ann: Bidder's Statement, page-2

Bidders Statement is out. States 1 LIT share for each 13.25 LPD shares which with LIT at 18c and LIT at 1.2c is a premium of a bit over 13%.

However, at today's closing prices of 16.5c and 1.3c the 13.25 x 1.3c = 17.225c so you would end up with less value after the t/o.

While I understand the huge advantages of a combined operation to LIT as well as to LPD, any t/o is unlikely to succeed while LPD owners could sell their LPD shares and buy more LIT shares than they would get from the t/o. Of course, if the start doing this the LPD share price could drop quickly.