Ann: Independent Expert's Report, page-20

This isn't quite true. Gindalbie own the rights to lodestone and $40mil of cash. If Karrara fails then in 20 years when the market turns again, Gindalbie owns the rights to a decent magnetite deposit and the cash to survive until this point.

Independent of what happens at Karrara. also, they can't kick out the minority partner at Karrara if you don't let them secure the debt. gindalbie can auction off their share of Karrara on the open market. You may only get $0.05 cents for it but add that to the $0.03 cents from your cash holding and your at $0.08.

Conversely, if you agree to the deal they can take your $40million, your mining tenament and your share of Karrara for free. you're conceding to lose all your money by voting yes to this deal. By voting no there may be negatives but you haven't guaranteed that you'll lose everything. Given the choices a no vote is the only sensible option.

Auditors don't say a deal is unfair very often. I've often seen them call unfair deals fair so the unfair deal comment can only come if it is a truly terrible deal which this one is.