So last December Cashrewards was brought to the market at a listing price of $1.73.

In the Prospectus the Chairman and Founder jointly penned a letter where they outlined the investment case and the bouyant prospects for the business. Just 10 months later a subcommittee of the Board led by the Chairman is recommending shareholders accept a takeover offer from ANZ at $1.135. And the Founder (not on the subcommittee for obvious reasons) is expressing his support for this.

[Not held]