The sp is not on FML's bucket list, The only driver is recovery...

The sp is not on FML's bucket list,

The only driver is recovery of the cash they put in, $227.5 million and the only way to get it back as far as I can see is with dividends.
Roughly speaking a total payout over time of about $1.25/share would make them whole.
However, they could just accumulate a huge cash pile rather than pay dividends.There is no law that says they must pay dividends.
At some later point years away, and well after the pile is more than they paid, they could make a T/O offer based on the sp. Is this a likely strategy? Hold on to that idea.
As a thought experiment, suppose they do pay dividends over five years that's 25c/share ignoring tax issues etc, the sp would go north. That is counter to what they want ... unless they want to sell out.
Whatever they do, they want their money back. Would selling out work, perhaps only if it really looked a great opportunity for a buyer, so why would they sell out, unless they needed liquidity somewhere else.
That leaves them with a T/O offer to holders and as biggest holder a done deal.Who would come forth with a better deal and why? The $227.5m + cash works against them as the new buyer/owner would/could use the cash against them, but only if what was left on the ground was attractive.
Unless anybody else has better idea, the only option seems to be to payout dividends i.e. play a straight bat, but that doesn't stop them doing 3% share accumulation creep per year. (I hope my understanding is correct).
The last card or variable to consider is the POG. It will accelerate payments. It might make whats left on the ground more attractive to a buyer.
At this point I have run out of straws.
Difficult to see them giving a toss about local SH. We are a not needed leftover rump, but their strategy to appease home base is still up in the air.
All my opinion only.