Hang in there J. I feel management are doing the right thing....

Hang in there J.

I feel management are doing the right thing.

Additional profit for the year must put an  extra significant upward push on the value of the company  and make an already (suggested 35c)  bid look even  more inadequate and opportunistic.

In our current situation I personally don't think  the independent directors would  relish the idea of the consortium hoping to use the available and significant company cash to either help pay down their loan/reduce the cost to them of any offer.

Right now we don't know what the impact of any dividend (+ potential special  dividend)  will be on the company cash balance but neither do the consortium.
At the same time, we might anticipate  the consortium  will at least need to  raise  their potential offer  to  a lowest expected  IER valuation -   or they are  unlikely to get independent director  support and the required shareholders voting in favour of any bid they make esp. once the actual IER becomes public. 

I think management will want to analyse any bid (if made) before providing a definitive dividend.

Keep your fingers crossed.