I am not very impressed with the TO at all. I believe it grossly...

I am not very impressed with the TO at all. I believe it grossly underestimates the current and potential of CSM.
The fact that the cash componant is so low convinces me they are trying to buy it on the cheap. There is no detail as to how Pallinghurst/ACMI will finance the deal. To hand over control with no premium and take part payment is not a good deal.
The directors should now stand aside as they will benefit from the change in control and the clearly do not believe they have the ability to add value to the share price above $2.28. Their only redeeming action in this is to appoint an independant expert to prepare a report.
Also the break fee and the conditions attached to it are an outrage, not only does the buyer want to buy it cheap, if the share holders don't agree or there is a higher price offered by another party a $5 million consolation is payable. Again I am not impressed with the directors over this.
I am a long time shareholder of CSM, so like most medium/long term holders I am under water, but still prepared to hold in the belief that the directors appointed after MK left had the ability to restore value to the company. Those directors have now stated they are not up to the job!
I will be voting against and expect the TO to be defeated at this price and payment. When that happens I will be agitating to replace the Chairman and MD with people who believe they can add significant enterprise value above $2.28.
If you agree with any of these sentiments please protest to the directors.