To be fair VBS took on a shortfall placement and in doing so...

To be fair VBS took on a shortfall placement and in doing so have ensure AZI have enough cash to complete the DFS and further explore... The capital markets exists primarily so companies can attain capital to advance projects / companies... We can't be that displeased with VBS, they have actively supported the company, and along the way clearly done some due diligence to the point they want it all!

I would expect that the company now responds with a "Shareholders Do Nothing", and then they commission an independent report that says the company is worth 16c-22c per share, then either a bigger player comes in, VBS increase offer, AZI find funding from a smelter, or nothing and they carry on with the DFS.

The issue I see, is its an absolute distraction for the board and management, the next 6-12mnth period is extremely busy and paramount to the future success and this offer will act as a distraction to the important work to be done.