Ann: Strategic Review Update, page-34

That is not commercially practical.

Due dilligence is expensive. A potential purchaser will price the target. The less they know the less they will be prepared to invest.

Think about it this way. How much effort would you put into researching a house that might not be for sale? If you know you the house is for sale and you think you may want to buy it you will get a pest and building report, talk to whoever you need to get onside eg bank, wife, parents, schools, etc then make your offer.

If there has honestly been no discussions involving Mulpha this is incredible.

I am a professional who does advise re takeovers etc. I understand that there may be a 'no shop', 'no talk' and 'no due diligence' agreement in place. That's fine. That may prevent complete transparency but that does not justify false statements or, if the statements are true, incompetence.