Ann: Second Supplementary Target Statement, page-2

Nope - that doesn't work. More of a face saving effort from the "independent" directors. Why would they recommend (again) the same low ball offer from RISCO - is it just because there has been little take up and only one week remaining until the offer closes? After now seeing (and presumably hearing) the lack of interest from the majority who haven't capitulated they have decided to try once more to support selling at 9.1 cps. Why not, based on the inputs, recommend to run the company as is - and recommend doing nothing?
I still don't understand why these directors - who just got voted onto the board - don't want the company to continue as currently listed?
What we know:
1. More information is due on Manora in around 6 weeks. If there aren't reasonable prospects why would RISCO want to buy? Happy to wait.
2. Cash (end June 15.264 USD) + 10.5 USD from lifting(s) = 25.764 M USD ( about $35 M AUD @ FX of 74). They haven't said otherwise - but CASH actual now should have been included in any further recommendation. Cash backing is ~ 8.1 cps based on above.
3. NGP's proposal at 10 to 11 cps was turned down by the board but offered smaller holders and 11 to 22% premium on RISCO.
4. No valuation has yet been made on the $67 M of franking credits. I couldn't see a reference to that and yet a special dividend could be paid by the company (now) to take advantage of that.

Not selling.