todha takeover offer

I skimmed thru the takeover offer by Hamilton partners - they are offering 30 hamilton shares (listed on the NSX?!) for 1 TODHA. I almost laughed out loud when reading the offer details - why on earth would anyone trade in a fixed and floating charge against REAL assets to a worthless/dilutable shares in some unknown non-ASX listed company.

Also, they have cunningly wrote off water rights as worthless since they are classified as intangible assets. This is only due to accounting regulations - water rights can be thought almost as cash as the government is buying these back. True value of these bonds is $45-55 IMO

I am happy to wait until receivers realise the TRUE value of these bonds