So barring someone else putting in a competing bid, Simon is to...

So barring someone else putting in a competing bid, Simon is to purchase the major part of the company for $7,000,000 AU. Now hold on a sec, they pay off $700,000 loan and pay out 15c a share (a lot of that will go to Simon anyway since he holds a lot of shares) that still leaves a lot of money in the bank, that will pay the directors fees for quite some while I guess.
But why not just do an MBO for 16c a share? Nice, clear cut, simple? Delist from ASX, save on costs?
Nope something's brewing here, a competing bid? An attempt to force somebody's hand?
Remember Simon already has a majority of the shares.
Obviously he is not happy with the current share price and his little buying spree, a while back, to try to boost interest showed that. Again the low volume is of no use to him if he ever wanted to sell a few %.
We live in interesting times one thing is certain the share price will be higher when dealing recommences.