Ann: Notice of s249D EGM, page-5

Without this takeover offer, I think most insiders were cashing out their 1.7c options and selling it on market at whatever, so the fight from CNW directors was to keep their jobs, not for the interest of shareholders.

Given there hasn't been another bidder showing up, 3.2c perhaps is not far away from reality, if I were a shareholder, I would have sold at above 3.5c .... one of the directors will surrender for money imo.