Ann: $1.35 Unconditional and Last and Final Offer - 5th Supp, page-38

You ask a lot of questions!

1. Take this over, delist and sell the assets (including Foxleigh).
2. Same as 1
3. Same as 1 and 2

They will give the other assets away for a song if necessary, their money (a fortune) will be made by the sale of Foxleigh.
Remember they only paid something like $43m for Foxleigh back in 2016.

They already have half of their assets for sale already, refer the attached slide from the AGM presentation (note the For Sale signs).

I am not sure what they will do if they can't get their takeover through.

My personal opinion is that their options are
1. Find a buyer for Foxleigh, and then Taurus get it (RRP) delisted from the ASX (including sale of the other assets). Proceeds will need split evenly among all shareholders. Taurus won't want to do this, they are sharing a lot more of the profits than if they were to take it over.
2. They find a buyer for their stake in Realm, but they will need to make a full takeover offer given the level of Taurus' stake.

We are more likely, based on currently known information, to get a better return out of 1 or 2 than to accept the $1.35 takeover. We may also be able to sell our holdings at a higher price if the shares are relisted prior to this happening.