Operating shell, a debt free shell on the ASX is generally worth...

Operating shell, a debt free shell on the ASX is generally worth at least $5m.
Frustrating as I was looking at buying some IAB only two weeks ago but as you know BUG1 I'm heavy in Telco shares and topped up in another, oh well, still considering the deal on the table there does seem to be an opportunity for an arbitrage play here.
If I'm reading correctly a minimum 80c per share payout as well as holding shares for another company to do a "backdoor" listing.
On my watch list for a short term trade now