Ann: Pause in Trading, page-52

Return on capital but also what you have to pay for that capital.
Imagine if you were a major competitor sitting looking at the FRM share price. Wouldnt you be thinking - we could buy the company for $16m, wind down production to reduce supply into the egg market to boost profitability for our other operations, once wound down we could sell off the assets and make double our money on the sale price. That sounds like an appealing investment case to me.

Now I think the fly in the ointment is that there wouldn't be enough liquidity to do this for a large holder (you would have to push to the price far higher than the current share-price) but still it says to me the value of FRM is far higher than the market has decided it is worth today.