Ann: LoI for Cooperation on Strategic Investment, page-63

You're showing your naivety right there, friend.

That's exactly the cultural missteps HFR / Owen have fostered for the last number of years and why our share price is where it's at.

There has absolutely been a price determined, the LOI is simply the cover to allow them to skirt the listing rules.

Let me put it this way, if you were EMR (perhaps Tectonic?) and you had a con note with three different possibilities on the conversion price, and a credit enhanced position that puts your capital provided through the note above equity and essentially protected, would you state to ASX you are converting your note without knowing what that conversion price is?

let me answer that - Fark No you wouldn't!

don't get me wrong, I'm all for the transaction and believe the price will be significant to north of today's price for reasons previously stated including control premium and IER fair and reasonable test.

What I don't agree with is the piss poor governance of a select few popping in and out of being crossed to suit them when required whilst the rest of the market is left to speculate....that's not an informed market and todays trading activity is undeniably evidence of that.