Ann: Bidder's Statement, page-7

This is a low ball bid and very opportunistic. Ibaera has just bought an additional 4% of the project for USD2.25m. That means AZM's 53.5% share should be worth at least circa USD30m, or AUD44m, which works out at AUD0.045 per share as an absolute minimum, without any premium for control and even then still not reflecting the value of the project given the current gold price and the potential upside from here.

I'm up to my gills in this stock and will not be selling at the bid price.