I spoke to somebody from Takeovers Panel, they say there is...

I spoke to somebody from Takeovers Panel, they say there is nothing wrong with the current offer and the wording that the biggest shareholders have given is "their intention to accept" not withstanding any other higher offer. The wording is "intention" not "agreement" so there is no inference of collusion.

When the time comes to compulsorily acquire all the shares, they are required to receive at least 75% of the remaining shareholders acceptance of the offer before they can move to 100%. At least that's how I understood it. I may be wrong.

In any event, look at it this way, it is a share swap one for one. The PDN share price could have been .40c and you may have received an inferior offer to what is on the table at the moment. As a minority shareholders we are pushing shite up hill on this one.

I personally have come to the conclusion to accept the PDN offer and hang on for the the ride over the next two years. You are getting in at the low end of the PDN share price.

Look at it this way, you are a lot better off having the offer made now than this time last year.