17.5c, page-11

In the short term this strategy I think is just to make sure OCP do not get any more than the 23 % they currently have. I doubt many investors will sell at 19c when if OCP walk away they can still probably offload at 19 c into the on market buy back. Might as well just wait and see if OCP up their bid again.
Agree the dividend comment is not worth much. And yes if they were really serious they could have offered a buy back much closer to NTA and for nearly half of the whole company.
I hope that OCP get close to 50% and then just to stay in the stock for awhile. If that happens we would probably get a capital return of half the company straight away anyway. Then allow some time for the other investments to realize the NTA. Then also buy some time for another acquirer who can fully utilize the huge tax losses on the balance sheet to pay up for them.
If that occurs you are likely to get substantially more out of this and be much better off as opposed to accepting now at 19c or even in the low 20's.
If OCP gave up and walked away I don't think it would be a disaster anyway. Nicolas Bolton did get into KBC I think at a cheap level so he is not the dumbest investor going around, he has made a bit of coin at a young age whether you agree with the way he has gone about it or not. I even think their last small investment in AFV is pretty smart also, that small funds management company is very cheap, though not much stock around or liquidity.