The sharp drop this morning looked like a raid by MM's for cheap shares. News has to be close. 0.50p and 1p should be blown away at this rate if the licence is awarded this week.
I warned a few days back that this would drift back to 2p if no news. At sub 2p, it is looking like a good buy and news could take it back to 3p plus in a flash.
This shows that bondholders are expecting at least 50% haircut. The BOD had enough cash to buy up a lot of the bonds for less than 50p in the pound but did not do so. This shows bad faith on their part and a rescue can still be done IMO.