Ann: Secondary Trading Notice, page-113

Yeah it seems theres a few factors as to why it hasn't re-rated as much as people would have thought

The main one is that its an asset sale, as mondy has noted. Meaning the money goes to the company, and they can do whatever they want with it. Its not like a traditional takeover offer where shareholders get paid out and the company disappears. It's also obvious that shareholders dont trust the board, and have zero faith in them to do anything correctly. They could potentially just keep all that cash in the bank, and become a lifestyle company.

In another case where shareholders did trust the board (PSC) - they sold their lithium project (asset sale, not company takeover) - but the company decided to pay out 95% of it as a dividend to shareholders, and kept a smaller amount for new operations (https://www.marketindex.com.au/news/prospect-resources-pays-out-95-dividend-yield-following-lithium-asset-sale)

They did however, already have a new project lined up and ready to go (step aside lithium in zimbabwe)

But yeah, it seems like the discount to the offer price is due to the above.