plan of action

No good just keep winging about this we have to do something from day 1 this was announced the clock is ticking down time is running out my friends
Think we all agree we dont like this
WHY DONT WE LIKE THIS
Offer is an insult plus the way it has been executed
WHAT WOULD WE ACCEPT
Have to put a figure out there
OPTIONS FOR PLAN OF ACTION
Below is a partial extract on a good read on takeovers

8 The target company’s response to a takeover bid
Once an unsolicited takeover bid is received, the target company and its directors immediately become subject to the bidder’s timetable, certain disclosure obligations and other restrictions.
8.1 Response to an unsolicited bid
A takeover bid can be commenced by a bidder without warning, and in a hostile bid the first thing a target may know of the bid is through a courtesy call to the Chairman, or via an ASX announcement shortly before being served with the Bidder’s Statement. Target directors need to act quickly, especially where the bid timetable has already commenced with formal lodgement of the Bidder’s Statement.
First response points
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Hold an immediate Board meeting (without appointees of the bidder, if there are any), and delegate authority to a sub-committee to make quick decisions and respond to developments.
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Engage legal, financial, accounting, and other advisors as necessary. When appointing financial advisers, take care that any “success” fee is structured to maximise benefits to shareholders.
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Consider whether ASX announcements should be made to update the market on very recent trading conditions or other material developments, especially if they would be relevant to attracting a higher alternative bid.
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Critically review the Bidder’s Statement as soon as possible. If you want to complain to the Takeovers Panel about deficient disclosure then don’t delay, as it will count against your application.
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Set up a data room with important documents, presentations, financials, and other material information on the target. It will be useful for securing a white knight, for briefing the independent expert (if a report will be obtained), and for preparing the Target’s Statement.
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Start drafting the Target’s Statement right away. In an on-market bid, in particular, the target only has 14 days to prepare, print, lodge, and mail the document to shareholders.
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Consider whether tracing notices (see section 10.3) should be sent out to known custodians or nominees on the share register, or to any new large shareholders, to discover the beneficial holders.
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Check the directors’ Deeds of Access, Indemnity and Insurance, and directors’ insurance policies, to make sure they are up to date and cover the bid response process.

I DIDNT REALISE THERE WAS A TAKEOVER PANEL WE COULD COMPLAIN TO

11.1 Takeovers
The Takeovers Panel
The Takeovers Panel has primary responsibility during the currency of a takeover bid for:
• determining whether a breach of the Corporations Act has occurred in relation to the takeover, and ordering remedial action where a breach has occurred;
• declaring “unacceptable circumstances” to have occurred where the spirit or policy of the Corporations Act has been infringed, whether or not there has been a breach of the law. For instance, the Panel’s lock-up devices and frustrating action policies discussed in sections 5 and 8 above are largely based on policy grounds, rather than legal duties. The Takeovers Panel has a wide range of powers which can be exercised in these circumstances; and
• reviewing administrative decisions of ASIC in relation to the takeover (see the discussion about ASIC’s modification powers, below), and either confirming the original decision or substituting its own decision.
The Takeovers Panel has been vested with these powers to the exclusion of the courts to ensure that takeovers are governed by sensible commercial considerations rather than in an overly legalistic environment. Takeovers Panel actions are actively progressed by the Panel with rapid responses expected from the parties at all stages. The Panel’s aim is to get a bid back on track as quickly as possible, and its orders are usually designed to facilitate instead of prevent a transaction.
To this end, the members of the Panel have been drawn from a cross-section of the business, financial, legal, accounting and investment banking fields to ensure that an experienced commercial judgment is brought to bear upon takeovers disputes. The Panel publishes Guidance Notes which set out its expectations of how takeovers should be conducted.
Most hostile bids are brought before the Panel, often on multiple occasions.

THE LINK TO THIS WITH FURTHER INFORMATION BELOW

http://www.bakermckenzie.com/files/Publication/0c7757d2-383d-45b9-a3d3-0f4eb7a0fd1e/Presentation/PublicationAttachment/c887b067-2a37-4d93-b23b-29ccb2f2fe7c/bk_australia_takeoversguide_jul10.pdf

Perhaps we could form a blog for anyone interested where we could get our heads together to draft a letter of complaint with the facts only.
ADDRESS IT TO THE TAKEOVER PANEL AND ASIC
Then post the finished article on the blog for all our members to copy and paste put their minica on and eml it or mail it to the above mentioned boards
This would at least make some noises in the right direction
better than crying on here if these B%@$&#@S want my 300,000 theyr gonna have to pay for em now
Wheres that TALLY GONE
TALLY BOY where are we now @ LAST COUNT

give your opinions and i will see if i can make a blog up unless we have someone here realy internet savvy