Ann: Update On Indicative Proposals From Adamantem, Rouse, page-5

'Subject to QANTM and Adamantem agreeing an implementation deed on terms acceptable to QANTM including any condition requiring a minimum level of take-up of the scrip election, and rights and obligations that holders of scrip will have, it is the QANTM Board’s intention to unanimously recommend that shareholders vote in favour of the transaction proposed in the Adamantem Indicative Proposal'

This is the section that indicates to me that the offer is dependent upon at least a portion being paid in scrip.