Ann: VIT enters into Scheme Implementation Deed-VIT.AX, page-199

Exactly!!! I dare say most people on here didn't read that part. It's so stitched up it's hilarious. The whole of part 12 keeps rival bidders away and part 13 locks in the existing directors to not only back the deal but make it flippin expensive to choose a rival unsolicited bid.

Anybody even contemplating making a counter offer on this company will be reading the same document and forgetting about it. Even if they make an offer for double the current one, the directors are obliged (to the tune of $3.2) to reject it!!!

The only way a rival offer can succeed is if it arrives totally unsolicited and comes with a personal sweetener or indemnity for breaking the scheme that is of at least $3.2m in value but probably a whole lot more.

ANYTHING can happen but I estimate the chances of a higher counter offer at less than 5%, the chances of the offer being accepted at greater than 90% and the chances of the scheme falling over at about 5%.

SO.....the question is.....do I want to hold for 6 months for a 90% chance of a 6% gain or do I take my current gains (a paltry 7.5% for me) and reinvest elsewhere?

The latter.....