Ann: Supplementary Bidder's Statement, page-24

Raf's latest statement to shareholders, made by Ashurst Australia, on behalf of Bennamon Industries on behalf of Kin Group, on behalf of Raf, has something of a credibility gap. If you read the Preliminary Final Report issued 16.08.23, it clearly states that the company has turned the corner and the figures bear this out. But Raf says the future is bleak. It can't be that bleak if he is so keen to buy all the shares.
The Contract Manufacturing sector. Raf points out to shareholders, and to the business community at large, that the valuation is unrealistic after the failed sale process, and that profit is below pre-Covid, it's not fully operational and facing performance and environmental challenges. So after this wonderful 'sales pitch' there won't be any business prepared to pay anything for it. In reality, revenue is up 17% and it even made a tiny profit. “This is a very pleasing result”, says CEO Sanjay Dayal. So rather than trying to sell it why not put in a bit of effort and make it more profitable.
Raf also highlights the current global problems. By the way he's talking anyone would think this situation will go on for ever. Things will get better; for example inflation rates are already showing clear signs of topping out, despite the wars, and who's to say where the ASX will be in 3, 6 or 9 months, unless you are some kind of prophet. And in any event, we will continue to eat and our food continues to come in packages.
Finally, the independent assessment is just that, an independent assessment, and Raf's assessment (via his spokespeople) is his. The financial media see this latest missile as a bit of slagging off at the independent report which is a bit unfortunate to say the least.