Ann: IFL receives revised indicative non-binding proposals, page-162

AFR’s Street Talk column is known for M&A intelligence, sometimes sourced directly from dealmakers,lawyers, or PE firms. It’s not a research note but more of an informedleak or speculative overview. The narrative conveniently alignswith a PE angle, possibly floated to reset market expectations or preparefor a repriced bid

• This article validates the risk of a repriced bid.
• It may be prepping the market for a pullback in offer terms (e.g., $4.60 -4.8 ish)

Notably, Tanarra Capital, a key shareholder with ~15.6% ownership (up from ~14.6%), has historically opposed prior bids and expressed confidence in the company’s existing strategy. This suggests they may resist any lower or undervalued offer and could act as a blocking force against private equity buyers attempting to reprice downward

There is downward risk if the offer is not accepted by the board as the company source feel its unlikely they will get offer better than $5 given the current geo-political scenario. Please do your own analysis. Good Luck !

Position : Held at higher price & Averaged at current price -