More likely, they've concluded it's probably worth...

More likely, they've concluded it's probably worth zero or negative, and 20% of the possibilty of something that will be funded by someone else is better than 100% of the likelihood of nothing or worse (which they would also have have to continue to fund, or close down).

It's unfortunate, as there are undoubtedly potential acquisitions out there for operating businesses involved in the delivery of clinical trial services in Australia (and beyond) that would complement Opin. In the right hands, a listed vehicle could be very useful in securing these, and the cashflow could have funded a proper go-to-market strategy development and execution for Opin. Guess we'll never know now.