Ann: Takeovers Panel - Reasons for Decision, page-2

21. On 26 February 2019, the board of Donaco approved a transaction with the Potential Placee that would include a placement of 15% of Donaco shares to the Potential Placee at a price that represented a significant premium to the market price. The transaction also included a proposed management rights agreement in respect of one of Donaco’s properties. Messrs Joey and Ben Lim voted against the transaction and Messrs McGregor and Reichel voted in favour of the transaction with Mr McGregor (as chairman) casting the deciding vote in favour. Ultimately, after the date of the application, the transaction did not eventuate.

Significant premium to the market price ? Market price was around 7-8 cents in late February.. would they have offered 15 cents ??