ASIC complaint lodged, page-4

yes, I think that's correct.
I think the Chapter 11 stuff relates to the old Corps Law.- now superseded by Corps Act 2001
I think that the Corps Act does not require an IER for this type of transaction.
it is not a Related Party transaction, nor a change of share transaction.

have a look here:
page 6
http://www2.deloitte.com/content/da...luation-independent-expert-reports-010213.pdf

I think the only applicable rules relates to the ASX Listing Rules.
that's the Listing Rule 11.1 - 11.3.
have a look here : http://www.asx.com.au/documents/rules/gn12_changes_to_activities.pdf

A straight sale of the principal asset only requires s/h approval.
it does not seem to require an IER.
Of course, the directors could have got one to assist s/h in making up their minds on which way to vote.

But I reckon they had time issues, and probably cost issues.
also, the IER would not have helped much in the assessment of the likelihood of the Govt improving their offer, or even withdrawing the offer.

I really think the outcome of this is now in the hands of the new shareholders. As others have observed, the new s/h has history of similar investment in MPO.

cheers and good luck.