Ann: Macquarie Statement, page-15

Mac left out the key words here, being "Final Offer". This is not their final offer yet.

It's true the board hasn't received a Superior Proposal. That's because as far as we know, they haven't received another proposal. What they have is a hell of a lot of angry shareholders who don't agree with the takeover price and are willing to replace control of the board. That's not a proposal, that's an uprising.

Mac's strategy (aka. the current boards strategy) is to keep saying this is the best offer. If enough short termers bail, the share price will continue to drop, which plays into a fear game as the date gets closer.

Shareholders have a choice, and if they don't like the offer they can vote AGAINST.

(Note: suggest we all stop using the NO word, as that's not how you vote, it's either For, Against or Abstain)