I'm no expert, but this feels like a hostile takeover, at least...

I'm no expert, but this feels like a hostile takeover, at least to this small shareholder. Maybe it doesn't feel like that to the BOD. According to the current shareholder list, the top 20 hold 35% of the stock
https://investors.tesserent.com/site/investor-information/top-20-shareholders
so I'm wondering what would happen if the smaller shareholders, many of whom have an average entry price higher than 13c, collectively rejected the deal, simply because they will be bought out at a loss ? You couldn't blame them.

Further, I find the follow passage in today's ann highly offensive to small shareholders
"Tesserent’s Board unanimously recommends that Tesserent shareholders vote in favour of the Share Scheme in the absence of a superior proposal and subject to the Independent Expert concluding that the Share Scheme is in the best interests of Tesserent shareholders."

Who on earth is the "independent expert", and who do they think they are to decide the best interests of the shareholders ?

All IMHO, DYOR