Just focus on the "NO vote". Even if cottee remains the new...

Just focus on the "NO vote". Even if cottee remains the new board can replace him later. I reckon he'll be useful in the transition.
The more likely the "NO" vote becomes, the greater the possibility of a higher bid
Even if nothing else eventuates happy to roll the dice on Option Co.
The key day 1 issue OptionCo need to address is the decoupling of Mac bank from the business. The first step is refinancing the Mac bank loan and looking for a repackaged deal which includes any upfront capital required - this can be done with a hybrid debt/equity arrangement.
This business needs to be split into two parts -
1. Producing fields along with associated GSA's struck to assist with security/income to substantiate appropriate ability to meet debt arrangement
2. Exploration fields/potential where OptionCo may look for further farm-ins or private placements to sophisticated investors.

IMO OptionCo/NO vote puts pressure on the Macquarie bid. Of course we all know that the BOD have failed to be upfront with shareholders along with allowing Mac bank to entrench themselves into this business. They want this "yes" vote but it ain't gonna be that easy