Ann: Receipt of Non-Binding Indicative Proposal, page-53

This is a low ball opportunistic offer after a period of share price manipulation.

Previous rumours earlier in the year had them prepared to pay around 90 cents.

The bidders would consider this a big win for themselves.

I personally consider this offer more of a Monty Python comedy sketch, because it's ridiculously low, almost laughable, but over the years I've seen these things go like this, so who knows eh!

Fair value is currently 95 cents, and in one years time will be $1.25 or more.

It is interesting however, why the board did not immediately decline the offer, and makes me suspicious that something else is going on behind the scenes.

I had a sense that something was up when a new COO was brought in, someone who perhaps was being groomed to take over the MD/CEO role from Wilcox, who may want to move on now, probably back to WAF and their Kiaka build.

In light of these potential developments, it will be interesting to see what the board recommends to shareholders regarding this bid.

I do not believe there will be any other bidders, but I do think they'll up the bid to only 65 cents, which is still way below current fair value.

If TIE gets an MD/CEO transition at the same time, then the game is being played.

Gw