well not a good sign that the company that spent ~$14m to buying...

well not a good sign that the company that spent ~$14m to buying shares at ~50c did not take up the offer of shares at 10c

Jencay (~7% now) & Perennial (~15% now) did take up shares, so combined with EBOs (~9%) and the Guild Group (~15%) you'd think you'd have enough institutional holders telling the board that this offer is a steal......in fact given the price moves since the LOI, it seems a decent amount of retail holders are selling down as well.

I could just be making a mountain out of a molehill as perhaps as has been suggested, this is just the opening bid and mgmt have not gone back apart from indicating they can look at the books, but it seems the share price is going to languish at these levels until there is further clarity around mgmt's expectations