Ann: Letter to Shareholders, page-2

Suggest shareholders intending to sell to Rodwell WAIT UNTIL LAST MINUTE .

There is a couple of cents in franking credits per share.
There are significant tax losses carried foward not acknowledged in the accounts.
The value of the tax losses are much larger than franking credits. I will try to track down an amount.

In Dec 2014 , Precision development approached the Board with an indicative takeover offer at 6 cents per share for Adcorp.
The Board rejected the offer without a shareholder vote.
Not sure if this is enough a class action against Rodwell.

Agree with Patient post on the Funding Update thread :
(i) Rodwell indicated recently he intented to maintain an ASX listing for AAU.
(ii) after years of restructuring costs the cashflows and foward guidance are more positive.
ie on the verge of being profitable again.
(iii) EGG Enero in similar business has had a huge recent turnaround.

Looks like an opportunistic low ball bid.
After years of restructure costs born partially by minority shareholders is Rodwell trying to steal all the upside for himself ?

If the company is still struggling sell it to a competitor like EGG who can use the tax credits and franking credits.

If the cost of maintaining a ASX listing is too great, move it to the Newcastle Stock Exchange.