It’s a lowball offer because at the $1.70 you refer to this...

1. It’s a lowball offer because at the $1.70 you refer to this represented a trailing P/E of just 5 with f/f yield of 10.6% and this valuation had little to do with the fundamentals of the company, rather just negative sentiment of the sector. Add what I have just outlined to the NTA argument and you have a clear answer as to why it is a lowball offer.