Ann: Quarterly Activities and Cash Flow Report, page-103

This might not age well but I can't see us falling below 25c.

We're at that point of equilibrium where the SP incentivises buy-in for those fishing for a TO offer. It also incentivises risk-averse players feeling more willing to risk it at this SP point on the Glencore deal eventually coming through.

Essentially, the downside risks have more-or-less played out, and what may remain (further dilution) is in equilibrium or balanced against large upside potential through Glencore or TO happening.

In the very short term though, one may wish to wait slightly to see if the ATM facility has been tapped.