only 38% of holders have sold into the offer, page-5

If you read the Buyback documents you will notice that there were Mickey Mouse provisions that were put in the calculation of MMX NTA. Compare that with LICs (WAM, MVT, CYA etc) NTA calculations. No such provision exist. Take those provisions out and I calculated NTA is about 4.8 cents prior to Buyback. After buyback, MMX should now have an NTA of 5.1 cents.