I disagree. The IER should be higher than before, given there...

I disagree.

The IER should be higher than before, given there should be roughly (Atleast) 20c a share more in the cash in the bank (from IER1).

Galt wasn't directly the one making the offer, he was (supposedly) at arms length.

The original bid was going to end on July 2, before the Takeovers Panel got involved.

There hasn't been any action against any of them (that I am aware of) between then and now.

All of the Independent Directors from then (except for the MD) have all been booted, err I mean resigned!