Market Cap Potential, page-27

To respond to your concern about a low ball TO.
Alex is far too smart to not have a blocking stake.
Much of his background is high level corporate finance.
With his options he holds 10% of the company, directors another 1%.
The instos that bought the $8.7m at 2.4 cps got a very sweet deal.
Alex is very connected with instos with long standing personal and business relationships.
Predators approach instos and get commitments to sell, then they approach the target company.
Those discussions are confidential and do not have to be reported to the ASX or us.
Alex almost certainly has a blocking stake under his influence but he is not against a TO bid per se.
He is against a low ball TO and with so much skin the game he would be the big loser (relatively) with such an offer.
RMS won't be able to do another Spectrum low ball TO with Rox.
Any TO will be costly and while disappointing to see Rox taken over we will do very well out of it.