Independent Directors' Report is now out. And the offer price at 70c is not even half way between the high (80c) and the low (62c) of the valuation range. Worthwhile reading the report. Independent directors recommend acceptance, though do not believe acceptance is in the best interests of minority shareholders. There are a few good small cap managers with big holdings. It is these shareholders who will likely determine the outcome. Lets hope these don't just walk away, concluding any resistance is not worth the time or effort for any possible further benefit.
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