Ann: Poseidon receives binding conditional proposal, page-29

Any such offer would always be subject to a shareholder vote at a special meeting. From memory, I think the suitor would need to secure 90% of the votes in favour, in order to 'force' the T/O. Having such a wide open registry works for us to some extent. That is, retail punters will need to be wooed. And you don't achieve that by offering 6c! If management want to seriously engage with these guys (dear God, hopefully not!), then they will commission an "independent" (<-- interesting bastardization of English there) expert's valuation, in an attempt to convince shareholders of the merits.

In short, with such a high percentage of retail investors on the registry the exercise can be like herding cats. They will need to pony-up with a better offer. That's one of the reasons why we are being told of this unofficial offer now (i.e. so we can stew on it until they eventually present the real offer they always intended to formally present, which won't seem as bad). They're Yanks, so it will be opportunistic, just not as bad as 6c.