You’re absolutely correct in your assessment here and I’d agree...

You’re absolutely correct in your assessment here and I’d agree with you. However I’d add another overlay to the analysis that a lot of the Insto shareholders will, I believe, be considering.

A shareholder can get a “guaranteed” ~40% uplift in the pre bid SP by agreeing to this offer, and yes it’s less than what the SP might be in 18-24 months time, but that shareholder can take these proceeds and reinvest elsewhere now in another COVID recovery stock and get perhaps another 40% thereby amplifying their returns as compared to just sticking with SYD and hoping the recovery comes through as anticipated.

This is my way of thinking through the offer process.