I will start by saying I had to double check whether this report...

I will start by saying I had to double check whether this report was written by an 'IE' or by T2!!
It appears to me T2 will likely be thinking this is the $130,000 they have ever spent.

I also want to state that all information contained in this post is based on my interpretation of the information, and it may not be correct.

I also want to declare upfront that it is not my current intention to object to the current offer, although this opinion could change at any time (it's always good to declare Gordon, isn't it??).

I think we all know that our shares are worth a lot more than the offer price, but the chances of seeing an increased offer is slim to none in my opinion.

Clearly T2 only have the interests of their shareholders in their mind (as we have experienced first hand in the last 2 and a bit years), and it is clear they are intent on paying as little as possible for 100% control.

My current opinion in not to object is based on my reading of the Compulsory Acquisition (CA) process, especially in regards to objections forcing T2 to go to Court to gain approval for the transaction/acquisition.

The Section of the Corporations Act (667 from memory) states words to the effect of that if holders controlling more than 10% of the remaining shares object to the acquisition, then the major shareholder (T2) needs to convince the Federal Court that their offer price is fair and reasonable.

I don't know if anyone can present the alternate case.

It seems to me that T2 just need to rock up and say we have followed the process required by the regulator, they have commissioned an IER from a panel chosen by ASIC. The IER says the offer price is fair and reasonable.

Judge says words to the effect of yep, no worries. Application / acquisition approved.

It appears payment will be made 1 month after Court approval, or after the objection period if less than 10% object. We have evidence of a track record of payment being made at the last minute.

Less than 10% objections = payment in early February.
More than 10% objections = payment 1 month after Court approval.

I want to make a couple of other important points before making a new post about my analysis of the IER's x2.

- The Court does NOT have the authority to amend the offer price. The acquisition is either approved or it isn't. T2 do have the ability to amend their offer price if the Court rejects the initial offer.

- People need to be cognisant of the thoughts of others. If more than 10% object (by sending the form back) then EVERY shareholder has no choice but to go through the Court process, regardless of whether they want to cash out now or not.

I obviously can't give advice on what you should all do, that's a decision only you can make.

My decision in not currently intending to object is based on,

- I see no reason why the Court won't approve the current offer given the most recent IER states the offer is fair and reasonable (even though some of the contents could be debated at length).

- I see no reason why the current offer price will be altered in any way.

- Objecting for the sake of it wont get me anywhere.

- I'm ready to move on and learn the lessons from this experience.

- I believe my funds can be better used elsewhere.

I will make a new post to debate the contents of the IER's.