Capital Raising, page-156

I fully agree with you on the takeover aspect Tamz and can't discount the possibility. By allowing the shareprice to fall so far we have left ourselves open to it. I have enough shares though that I will be getting the takeovers panel involved if a bullshit offer eventuates. It seems your Australian regulations are quite good in this area, they have broad reaching powers and wide discretion.
Given that Crescent paid $3.45 to gain control I think they would be crossing the line to offer $1 per share only a year later. I was negative on Crescent but perhaps too harsh, they don't owe anyone any favours.
They have backed a lot of money into the business and each time given us the opportunity to increase our stake with them (an opportunity I have gladly seized). If you read the offers they encouraged small holders to take up their rights.
Crescent's average price is $1.3 but Joe Average on the street can buy it today for 58c. I can't help but think the rules have protected Joe but he doesn't know how to help himself.
After all Crescent have only done what they said they would in the partial takeover offer documents - the next step should be a buyback. That's why I keep harping on about it as I see it being quite positive for long term holders.