Ann: Discussions with Strike Energy, page-90

To me it looks like Colby has gambled and lost. He was likely hoping with declining the offer, the TPD share price was going to rise over 21 cents. This would have given him a better bargaining position, if STX wanted to come back for another bite. Unfortunately, it went the other way with a few forces to be reckoned with that apparently prevented this from happening with dumping TPD shares for 16 cents. It all smells like a wheely bin full of prawn shells after Xmas.