proportional off market takeover offer, page-7

The problem is that you can only sell 35% of your holding because it is a proportional bid.

Then control passes to Emerald and you are stuck with them.

Whilst generous on the surface the premium is only around 2 cents to cash backing.

That equates to a premium of around $2.4M to get control of $28M cash. With a stated goal of getting a 40% holding they will be very firmly entrenched.

The existing directors were talking about a buy back at around 20 cents not that long ago.

I would sooner take 20 cents for all my holding than 23 cents for only 35%.

Particularly given that Emerald/NOP have never (to my knowledge) gone on the record to say what their intentions are.