I think you guys are right. NZO won't get to 90% with 10c offer...

I think you guys are right.
NZO won't get to 90% with 10c offer at these current point of time.
BUT
I draw your attention to the situation with Westside Corp ( a CSG prod in Qld)
A Chinese predator lobbed a bid at 40c.
On market bid
WCL said p***off. would not engage.
then 14.9% s/h
WCL board still said p/o.
then New Hope Coal sold their 23% into bid, and suddenly predator was at 40%.
THEN WCL board changed their recommendation to ACCEPT.
Their reasoning was that predator at 40% could control the coy, and that in circumstances 40c now in cash may be better than s/h waiting longer term for a potential higher amount.

SO we just might find that SPC takes the same view, that NZO has control, and will control the Board, thereby making SPC holding out on a limb. SPC may have been able to get its views across to CUE previously, but with NZO controlling board, SPC is marginalised.

And whilst 40% is not 50%, it IS control, simply because usually only about 60% of s/h bother to vote at AGMs.

Hence if SPC accept, game over.
I would expect Board to change view, unfortunately. They will come out with recommendation that bid is too low, but if s.h want money now, then accept bid.

I agree NZO won't raise bid, because no one is over-bidding them on market.
I also agree that NZO will come back at some stage and make a new bid.
they will want 100%. (at some stage).