Offer seems pretty low-ball...even on a scorched-earth valuation assuming $900k of cash burn, ORS is worth closer to $0.03.
Nice to see a black-and-white offer rather than the usual 'related party loans and services' extortion that is all too common in micro-caps these days.
Gandel knows the value of ORS's combined AYC and AYCO holdings are worth substantially more than the $0.02 exercise price of the options, so you'd bet that if this offer wasn't successful, he would indeed exercise them to increase his stake to over 50% rather than let them lapse worthless on 11th December.
Note what recently happened with the $0.15 options his company Abbotsleigh exercised in AGS when they were out-of-the money; same premise.
ORS Price at posting:
1.7¢ Sentiment: Hold Disclosure: Held
