Ann: Annual Report to shareholders, page-182

It looks obvious that they are not going to get the finance to persue SNE in the current climate, even at $40POO.
the market previously was valuing the company under market cash value which says it all with no value put on any assets.

how close are the administrators? Well they still have cash in the bank to keep them as a going concern so I can’t see that happening until the cash runs out.
if the company was to go into voluntary administration then that is the top shareholders putting the pressure on to recoup their losses and that is plausible.

if the market has put no value on SNE and also recently below cash holdings on the share price then why would anyone pay a takeover bid at price of first oil?

if a takeover bid was around the corner then they are not going to pay a premium.
who knows a deal could of already been done, the price of a 10 day trading average plus a 5% topping plus the golden package for Cath and her team to get it through.

behavioural science would suggest that if it would reach the SPP at which investors placed in then would be the price they opt out.

who knows
and no point calculating $$$$at first oil because it’s exactly as the saying goes about counting your chickens before they lay their eggs. This saying originated 500bc which says it all.