There either is a binding agreement with a penalty clause or...

There either is a binding agreement with a penalty clause or there is no agreement and shareholder approval is needed for a ‘proposal’ received in order for the agreement to be binding.

I was not born yesterday, you can’t need shareholders to choose for somethingr u claim is binding and with more than a million dollars of penalties associated with a “no” vote and or acceptance of a superior offer.

Maybe apologise to the market and say we realise we were out of our depth to claim the agreement was binding having not put it to a shareholder vote and that under ASIC regulations such penalty Payments in the terms of the agreement would never be permitted as a consequence of shareholders not accepting.