acceptances are at 30%, page-3

If 5.5cps isn't going to cut it, I don't think 6cps will either. I got the call on Monday and I was polite but firm. I cut him short in giving me the spiel and told him that the offer was clearly opportunistic and well short of fair value and I would not be accepting unless a revised offer of 7.5cps was put on the table. I also told him that IMO a genuinely independant expert's report would embarass the directors who had recommended the offer and ATM the rate of acceptances is looking poor. He thanked me for my comments and I got the impression that he has probably had some responses less civil than mine.

ANZ