massive discount to takeover offer

At GGG's close last night of 34.3pence the effective 5 for 7 offer to AZX holders is currently worth 78c per share.

That is:
34.3 *7 / 0.6135(AUD/GBP)/ 5

And yet we still have people selling at 61c.

The recommendation by the board to reject the offer is sound - it's worth much more.

But perhaps some people don't like there being a difference of opinions between AZX & GGG as to how to develop the project.

Regardless, I am staying long AZX.