Ann: Proposed Acquisition of Cellnet by Wentronic, page-16

I think it suggests that it's 75% including them.

The bid could go higher depending on independent valuation assessing scheme price is too low. But given likelihood that company may need a heavy dilutive raise to survive would not be surprising if 2.7c gets assessed as fair.

It's hard to see anyone else making a bid given wentronic could block, so I see only way higher bid is dependent on independent valuation or an amazing minority campaign threatening to block ala RAP recently, but that was a more open register.