The way I read it, is part of FEL offer was for the board to be changed from the current to FEL board. This never took place so they are taking that condition out, which is;
Shareholder resolution condition
PDY shareholders passing all resolutions proposed at the general meeting of PDY requested by shareholders of PDY pursuant to Section 249D(1) of the Corporations Act and called by Shareholders of PDY pursuant to Section 249E(1) of the Corporations Act to be held on 8 September 2010.
THE OFFER ON THE TABLE IS STILL UNDER 1 CENTS, SO DO NOTHING.
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