RE: Fair value28 Dec 2025 18:11
Broadly agree, other than there was never any intention or confidence in going it alone. It is clear to absolutely anybody with a modicum of common sense that construction and production was a bridge too far for this Motley crew. It was one of three ruses, the others being the Strategic Review (which never existed yet some insisted it did) which was designed to buy time, and the Spinout company which was also a bluff and designed to create a scenario whereby additional value for a bid could be justified above and beyond Cascabel.
Those led us to the best opening bid at 28p a share, which of course most regard as derisory. But in accepting the bid, there is a time limit now on any counters. Those who hoped to sit on the sidelines and pick up a distressed asset for literally nothing now have to make their mind up.
To that end, the board has done its job. Shareholder frustration is rooted in a gullibility to take what the company says as its intentions rather than reading the mood music.
I remain confident of a takeout far higher than 28p