Completely agree Jamie, but hidden behind their thinly veiled...

Completely agree Jamie, but hidden behind their thinly veiled comments are all positives in my eyes!

1) If I am correct in my understanding? Are they trying to pull the wool over everyone's eyes in stating revenue is down on 1H FY23 without plainly stating this is due to the removal of a % of the crate pooling revenue due to the sale? Depending on the value of the crate pooling revenue, its possible that overall revenue is up?? Can anyone else comment on this??

2) They state KIN group is over 85% ownership, then reference the 5/2/24 substantial holder statement. This means that uptake has been minimal in the grand scheme of things for the last few weeks. They aren't confident to flatly state the ownership themselves. Only refer to a statement that could once again be incorrect. They fail to mention impartially, that uptake of the offer has slowed dramatically which is great news for remaining shareholders.

3) They state they are unaware of Manipur Nominees intentions. This is great news. Means the Manipur team are still picking up shares on the market (confirmed by WT yesterday) and have not divulged their intentions as this would cause a spike in the SP. I can only see it as very positive for remaining share holders with a long term outlook that they are not going to allow RG to steal $40M off them.

IBC recommendation:
Why is 5-6 weeks a concern for anyone selling shares. If they have held for this long. Surely another 4-5 week to receive payment is not the end of the world. Not sure why they are putting this scare tactic in the independent letter.

The share price has consistently traded above the offer price and if drops below would only serve better for remaining share holders to buy more shares, especially the Manipur team! RG has had to finance this takeover and a dramatic drop in the SP will put further pressure on any loans. He does not want to tank the SP below 0.84c for too long.

The IBC letter is well drafted in the sense that they could not be reprimanded by any regulatory body as they would argue they are just outlining the risks to shareholders based on the uptake of the offer to date. However it is abundantly clear they are just acting in the best interests of RG and hoping uninformed shareholders sell out cheap.

At this point I can only see that RG extends the offer. If he were to close it out now and allow the 1H results to be published (which are possibly being manipulated to make them look bad) then the SP would likely hover around 0.84c. In my eyes this would result in Manipur continuing to pick up all sales on the market and increasing their stake to a better blocking position.

It would be great for all remaining larger shareholders to be able to communicate to each other to discuss a plan going forward. There is only advantages in 10% of ownership agreeing they will not sell out. I think this would be best to take place over zoom meeting or the like, where everyone can keep their identity concealed if preferred. The only thing needed is an anonymous register where we can tally number of shares to ensure we have >10%.