scrip takeover by avoca, page-12

This is a ridiculous low ball bid and i will be extremely if the board dont come out quickly an denounce their support of the offer.

Yes its at a premium to VWAP, but we all know this stock has been massively undervalued by the market - that seems unaware of the cash flow coming off frogs leg.

The 14.85% share holding they claim to have seccured - will no doubt be subject to a "no superior offer" clause to should not represent a blocking stake to another competing offer - perhaps from the Frogs Leg joint operator - that has no local processing facility.

its hard to value the mill in the current market - as a realizable sale price is difficult to pin point - but its worth something. Add cash flow at plus $30m pa prospective - a "script" offer of roughly $49m is crap. In these case the script value always drifts. By the time investors receive the script and are able to realise value in the market we are unlikely to get even the VWAP suggested in the offer.

I suggest all holders voice their disapproval of this low ball offer. Further demand of the board they get out in the market an solicit more offers. Prostitute themselves to the highest bidder. If they are going to give up control of our assets - that loyal shareholders have worked for - they had better get a decent price. Email the board and insist they work for shareholders here!!! Its their fiduciary duty.

Its certainly worth a lot more than a script offer for roughly $49m (if that).