While there are in reality no buyers or sellers in this market there are no serious investors on the buy side nor have there been for quite some time. There will definitely be several suitors running the pencil over AJQ and the only reason I can come up with for the current gross undervaluation is that these aforementioned suitors have enough from which to launch a takeover. The lower the price at announcement the lower the offer can be pitched and appear generous. I'm hoping for under 8.5c for another grab but don't like my chances. Keep the faith.
Ann: Operational Update - Myall Creek Well 4A, page-22
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