Ann: Target's Statement, page-4

Pretty much exactly what I expected BPF to come back with.  Also, according to the announcement "A number of parties have expressed to the Independent Board Committee Directors an interest in making alternative offers for Bulletproof."

Sounds like we will have better offer(s) sooner than later...

At 13.5c I believe it's fairly de-risked up to the 16.5-18.5c level short and long term.  Upside is a higher offer from MAQ or others (likely).  Downside is there is no higher offer (unlikely) which would see the SP go sideways until results in January which will see us at the 16.5-18.5 level likely anyway.

Proof of turnaround of business (sorry for repeating the announcement):
1. FY2018 underlying EBITDA estimated approx $5,500,000. This compares to $2,200,000 underlying EBITDA FY2017. This result is in-line with FY16 EBITDA. (You can check what the SP was during that year - but lets say it's much higher than 16.5c-18.5c).
2. Underlying EBITDA for H1FY2018 (based on actual results to November 2017 and
forecast December 2017) is expected to be at around $2,000,000. The second half
results for FY2018 are expected to be materially higher. This is in-line with FY16
3. While the restructuring and cost savings this year are already having a positive
impact, they will not be fully reflected in the profitability of the Bulletproof business
until FY2019.

I'll be looking to top up at these levels, only wish I had done so sooner.