The present situation is that more than 50% of the share price...

The present situation is that more than 50% of the share price equals the cash currently sitting in MMJ.
The remaining 50% of the share price is represented by the investment portfolio (Circa AUD80m) which the market is valuing at AUD25m or 32c in the $.
So the real discount in the SP is approximately 80m-25m = AUD55m.
So we have a BoD who are keep themselves busy rewarding themselves rather than looking after the interests of MMJ shareholders.
IMO MMJ is a sitting duck just ripe for a takeover. There is no shareholder owing more than 10% so it would seemingly be a lay down misere.