The question to be asked of the board is whether this was the...

The question to be asked of the board is whether this was the best proposal put to them amongst all of the "unsolicited offers". By keeping the placing to 15% of the issued shares they avoid having to go to the shareholders for approval - I wonder why? I guess if I was them I wouldn't want to face the barrage of questions from angry shareholders over this whole debacle.
So, were there any better offers that were subject to shareholder approval???
Monday will be a bloodbath. It is comforting to know that the iiNet board is so thoughtful as to create the opportunity for shareholders to realise a massive capital loss so close to the end of financial year.