While the increased offer is slightly more palatable than the original offer given the potential upsides of drilling Ironbark we would prefer to remain shareholders in NZO and as such will continue to vote against the scheme.
Our thoughts are the rewards to shareholders from a successful drilling of Ironbark far outweigh 74 cents per share.
It should also be remembered that OGOG aren't offering more out of the goodness of their heart - they obviously see huge value in NZO and its assets.
I have no idea what the final share value would be following a successful drilling programme but wouldn't be surprised if it resulted in a share price north of $5 per share, which makes 74 cents still seem a ridiculous offer. 74 cents also doesn't factor in a premium for gaining full control of NZO.
Of course each share holder must do what they consider right for their own situation.