My understanding is that if they go the Trade Sale path...

My understanding is that if they go the Trade Sale path it's purely a case of getting whatever cash they can for their 43% and then paying down debt or using it on new growth opportunities, presumably opportunities like Pepper.

Because management of this company have shown over time their ability to create shareholder value (which is presumably why the only time the share price gets a major kick along is when there's some sort of offer on the table from a 3rd party that thinks they can run the business better than the current mob).