Ann: Namoi receives non-binding indicative offer from LDC, page-8

Definitely a dissapointing T/O price.

I guess the market's abysmal valuation of the company for a prolonged period has left the door wide open for such an opportunistic T/O offer by LDC.

Still would have expected the Board to provide more qualified support for the offer. Perhaps they concluded the best way to close the valuation gap was to formally put a FOR SALE sign out (which they have effectively done with their support). Hopefully brings out other interested parties to make a higher offer in Jan after exclusivity period ends.

Although I suspect LDC's 17% stake effectively a blocking stake to anything but a superior Scheme of Arrangement, whereby they roll their stake into the new vehicle. But why would they if can wrest complete control for just 51cps.

Almost 100% this goes through given the strategic assets and future value LDC would acquire, barring another bigger fish engaging to ruin their party.

Sit tight and end game will be revealed in January...