the best decision for us is to say no

Here are the choices before us:

1. ASOF succeeds in getting a waiver from ASIC and they inevitably get the entire company through massive further dilution. We get nothing.

2. ASOF does not get a waiver from ASIC, and we get to vote, but shareholders vote in favour of ASOF's current proposal. Inevitably we get nothing.

3. ASOF does not get a waiver, and we get to vote, and we vote AGAINST ASOF's current proposal; this can result in two scenarios: (1) ASOF do not return to the table with a better deal and we get nothing, or (2) ASOF return to the table with a better offer and we get something better than any other scenario.

It's a no brainer in my opinion ...