G'day mate, I'm not that well versed in offers like this, but in...

G'day mate, I'm not that well versed in offers like this, but in speaking with a few people who are, 1% of the total offer (circa $40mil) is pretty standard.

Also read the Bidder's Statement in full. Advise all to remember that this is the Bidder's (Hanking) statement and they want to see their offer accepted, so of course they are going to be advocating for shareholders to take up the offer. Some blatant scare tactics throughout.

Worth also noting that if successful they plan to retain the majority of the existing management team – reasonable incentive for the likes of Garry Mills and Tony Patrizi (the "Independent Directors") to recommend shareholders accept the offer. Not a bad pay day for them – cash out their own holdings of around 3.56% of PGO plus the 20,000,000 Vested and In the Money PGO Unlisted Options – and then sign onto new private terms with Hanking!

Yet to speak with Garry – and would prefer to get his perspective before throwing mud at the bloke here – but hard to choke down my doubt that he, Mark Qiu and Patrizi are acting in the best interests of the company and ALL its shareholders.

On a further and final note for your consideration, Hanking would not make this offer if they didn't see the opportunity to realise PGO's assets and get a return on their investment.

– Alby