Ann: Non-Binding Indicative Proposal from Perpetual Limited, page-45

You guys are a joke if you think PDL deserves a "fair price" and if PPT is willing to pay it.

Take your emotions out of it - this is cold hard business. PDL is a suffering and stagnating manager and PPT is an opportunistic buyer - I think it should have waited longer and offered less given how unpredictable and challenged this industry is.

I would never pay "fair price" for any of your houses neither would you for mine (unless market conditions were such) so don't expect PPT to do the same.