Bidders statement:They cheated in their valuation of the t/o...

Bidders statement:
They cheated in their valuation of the t/o offer by omitting the dilution of their shares (WNI) they have emitted for cash raising in HK.

My calculation (on 16/12/11):
the t/o offer's real value is AUD 2.21 ATM - if you include the dilution of WNI shares (+39.4% - p.46 Table 23: Pro forma capital structure/ "Independent" Expert's Report).

WNI AUD 0,065 - 39,4% = AUD 0,039
WNI AUD 0,039 x 18 + AUD 1.5 = AUD 2.21.

BTW: they have stated " no sales agreement " on page 53 (bottom).