Ann: Bidder's Statement, page-34

The best defense is actually good sales in the end if they have time.

If these guys had great sales than they should do shareholders a favor and yell them from the rooftops adding detail in reports to show they are permanent and not promotional and at a good margin.

thoughts on strategy - give bidder nothing as they will just use it against you. They have control of register officially and through " mates" .
Other thought is to put out good results and force price up or introduce a 2nd competitive bid by showing they actually have a business not just cash at bank. Have to be brilliant results to get any interest as any alternative partner or bidder would have to be incentivised to pay up and still possibly be a minority holder.


Last thought is spend or partner to lock out bidders reason for hanging round. Forces them into long term investment as results will take time and with such risk they may not hang around

Paying out cash as a return of capital rather than a unfranked divi would be better as totally tax free theoretically ( useless to loss making predators compared to small holders and profitable fund managers IMO) is just a confidence booster and doesn't change the value apart from the fact management are seen to be active and a little capital risk is off the table for trapped investors.

Interesting to watch