How does it feel for an $8 billion Australian business icon to be rejected by a $45 million partner, despite the support of both boards? Ask Seek, whose seemingly inevitable takeover of tech minnow Xref came unstuck in a deal filled with unusual circumstances and intriguing characters.

Xref’s ASX listing came via the backdoor in 2016, taking over the shell of tiny mining company Solomon’s Mines and raising several million dollars at 20¢ per share. Co-founders Lee-Martin Seymour and Tim Griffiths became chief executive and chief financial officer, respectively, joining the board with a very sizable shareholding.