The offer will be a conversion of shares from the AU/ASX listing...

The offer will be a conversion of shares from the AU/ASX listing to shares in the Herman/Frankfurt listing at a pre-agreed ratio which if MS1.F keeps trading in the 7-8 euro range is a decent upside from here (12c equivalent).

There may or may not be a cash offer which people can take instead, perhaps at 11c like the small offer, or perhaps lower. Market is suggesting it will be a straight German shares for your AU shares offer with no cash component. People or funds who don’t want to own German shares selling out into low volume of buyers.

There are pros and cons to each option for the company:
- Offer just shares = preserve their cash and not need to raise again, but chances of a big sell off of AU holders once they have MS1.F shares which given volumes over there would decimate share price and put them in a bad position for future raises.
- Offer cash = decrease cash balance and shares outstanding and risk of a big sell off on the German exchange and perhaps they can then re-raise over there when needed similar to their last raise price meaning they’ve bought back the shares over here for cheap.

2-3 weeks to find out.