A fair question numantu. Reflecting further, it's a strange move by the board to flag its intention to support the bid absent a superior proposal given the 40% premium is off an all time SP low and the $1 bid price is only a ~16% premium to the company's book value (using the $0.8653 NTA/share disclosed in WND's 1H FY19 accounts) and half the $2 IPO issue price (and without first obtaining the shield of a supportive IER). Aside from providing liquidity to shareholders (in what is, in fairness, a highly illiquid stock), the bid looks opportunistic and one woud've thought the board - and particularly the independent directors - would be a bit more circumspect in the circumstances (ala VRL board recommending shareholders take no action on the PEP bid). Certainly they have opened themselves up to criticism here from anyone who's under water. The key players here to extracting a higher bid will be Lendlease Ventures (~17% holding dating back pre-IPO, assuming Federation hasn't already secured their indicative support), Rhodium Capital (~7.5% holding based on their last substantial notice with an entry price of at least $1) and Jencay (5% holding, whose entry price looks to be c. $0.81).*
* Based on ASX filings.
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