Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-10

I'm actually surprised NOR was transparent about it being a BAFO.

BAFO is pure desperation. Obviously Optus were not satisfied with the previous proposals. I doubt Optus are playing hardball over pennies. If NORs tech was compelling, the deal would be closed.

N - $50
Optus - We see value in the offering closer to $10
N - $30?
Optus - $10.
N - $20 and this is our BAFO.

As usual the Q was more focused on how great everything will be in the future.

Meanwhile, back in the land of reality, they haven't signed a material deal with a new telco for 5 years and as a result, debt is increasing and they have $69k.

Just normal Carrot dangling....