Ann: Application for quotation of securities - 4DS, page-9

If I may, I think that's because of your perception of the risk of the chip not working. If the chip works, then I doubt you'd be enthusiastic about an offer less than 30. I think that's a totally reasonable position, but it's sort of against the idea of investing in this particular stock in the first place - you'd be better off going for FMG. Much better off, actually, when you factor in those dividends. The only reason I invested in this stock in the first place is because I want the chip to exist, so I'm resistant to concluding my investment until the make or break has happened. DRAM is incredibly energy intensive, cloud servers are incredibly energy intensive, and the way we use memory is incredibly energy intensive (because of how DRAM works), and this has the potential to reduce, maybe to a significant extent, some of that load, and that's a great thing. It's great for phones, it's great for data centers, it's great for cars, it's great.

If the 'break' is the end instead of the 'make', then obviously I will be disappointed and regretful, but I personally wouldn't accept a lowball offer to offset that risk (else I would simply be invested in something that wasn't speculative). There's good form to assume a 300-500 million takeover if the chip is finished, assuming that a takeover rather than licensing HAS to be the end of the discussion. I imagine few would take up an offer less than that with an actual finished chip.