Ann: Update On Indicative Proposals From Adamantem, Rouse, page-7

My take is the minimum scrip component is to satisfy QIP holders (specifically, ie, former partners, management and staff QIP shareholders) who wish to participate in the longer-term value potential offered by throwing their lot in with Adamantem. It gives an opportunity to take some cash off the table and retain an equity interest in Adamantem's newco. If there's insufficient interest by this group, then it appears to be more trouble than it's worth to Admanatem to offer scrip in newco. Hence the minimum threshold. The share price drop today more likely reflects the lack of a competing higher bid (exit Rouse) coupled with the usual uncertainty during the exclusive due diligence period till the bid goes unconditional. Institutional and retail shareholders will accept the offer. Why would they want to be locked into an unlisted newco?