expect competing offer, page-4

1. It's a Scheme of arrangement, so only 75% required. I imagine the Directors were worried about a 10% block and structured it this way.
2. This company is a serial under-performer. It has overpaid for businesses and continue to run them as little fiefdoms. They had the opportunity to rationalise and centralise support functions and have dragged the chain at every step, fighting amongst themselves.
3. Australian Ethical Fund owns almost 50% so will run this.
4. Take a look at their website, it hasn't been updated for years. That is how they operate - hopeless!

I am desperate for this to go ahead as it doubles the long-standing 4c bid. If this is blocked, the shares will return to 4c!!