Ann: Further Revised Transaction-UML.AX, page-5

I think that the problem is that if there were no counter bidders at 2.9 cents, why would there be any at 3.3 cents? Brahman has not made a counter bid and has thus far merely taken a strategic position to make a profit from. Thankfully that has been to our benefit otherwise we would have already been out of here for 2.9 cents I suspect.

The BOD has thrown all of its eggs in the Pybar basket and appears to have not looked for other/higher bidders. The BOD has a responsibility to maximise returns for shareholders, but appears to have been either negligent or inept in those endeavours. Interesting to note that the SP is up by 10% to 3.2 cents on this news.