Ann: Trading Halt, page-11

Hi@nevil-b

At this stage, it looks like Magnolia has put forward a bid to the company and has been trying to make contact with them re due diligence (to formalise the bid). There is very limited information on this at the moment but believe Magnolia is offering all shareholders $4c a share cash for each share that they own. The $4c appears to be higher than the independent experts' reports number that values the business (post peters) at 3.9c a share. There will be a time where Magnolia will provide a bidders statement that will outline its plans including timing. Until this happens shareholders cant really do anything.

According to this realestatebusiness story, it appears that AU1 does not want to deal with Magnolia so there must be some history between them. This should hopefully help to push up the price.

I am on the fence at the moment, $4c a share cash or roll the dice with the existing team.