new redcape bidder emerges at 11th hour: afr, page-4

One can only guess what the final return after liquidation would be, however I would expect the pubs to at least meet there current book values with significant interest in blocks of pubs.

I would expect shareholders would be happy with a return of around 20cps whether by liquidation or a reasonable offer.

10cps probabbly too low and would not be accepted by shareholders - in my opinion.