Ann: Response to ASX Price Query, page-26

Insignia's statement that "Citi has not been engaged to field any offers" and that "the company is not aware of any offer" is carefully worded and doesn't necessarily imply dishonesty. Public companies often make cautious statements, especially if formal offers have not been tabled or if discussions are in the early, informal stages.

Here's why:

1. Early-Stage Interest vs. Formal Offers: It's possible that private equity firms like Brookfield and Bain are assessing Insignia as a potential acquisition target but haven't made formal approaches. Insignia might not be legally obligated to disclose any early-stage interest if no formal offer has been made.

2. Technicality in "Engagement": Insignia’s claim that "Citi has not been engaged to field any offers" could simply reflect that no formal agreement has been made with Citi to handle M&A negotiations or bids. Early discussions or informal interest might not rise to the level of a formal engagement.

3. Market Sensitivity: Companies often use precise language to avoid speculation or unnecessary movement in stock prices. Admitting to informal interest or exploratory conversations might have a significant impact on their valuation and market position, especially for a company like Insignia that has been under scrutiny.

In this case, the company is likely being strategic in what they disclose publicly, without necessarily lying. However, it's also possible that internal discussions or preliminary inquiries are happening at a level where no formal offers have emerged yet.