"The company knocked back stakes offer at 17.5c/share, so what...

"The company knocked back stakes offer at 17.5c/share, so what would he/they be willing to take? I am guessing it would have to be north of 20c before they would come to the table, it just comes down to if he is willing to suffer a (small) loss to get his cash off the table, or, after the 4+ years that he has been invested that he would want to walk away with some profit to show for the near $9m invested so far.
But north of 20c is a tough ask given you could recently buy at 13/13.5c!"

If you put yourself in the position of an industry incumbent buying SWF, you'll find that the acquisition arithmetic works at a price well above 20c.

You do the maths:

After harvesting the surplus capital (probably close to $10m worth is do-able) and eliminating redundant CoDB (at least $2m or $3m worth [*] is up for grabs, I reckon), an acquirer could pay as much 30c per share and still make it look reasonable.

All that is needed is for the SWF Board to be made to realise that the empire building strategy has been tried, and it hasn't worked, and that the obvious road to recovering the foregone shareholder value is for the business to be owned by some other entity.

Otherwise, SWF shareholders are going to be staring down the barrel of more years of massive opportunity cost, just like the past 3 years.

[*] Why a puny little business like this needs to spend ~$15m pa to conduct itself at steady state operating condition is beyond me. Senior executives aren't egregiously remunerated - ~$1m in total for directors and CEO + CFO - so, what most of the remaining $14m of CoDB represents I can't fathom.