Ann: Voluntary Suspension, page-84

Here's the thing though, your opinion about what Capricorn thought/thinks is totally irrelevant.

Capricorn had full visibility of the share price performance over time and the current share price as at the time they struck the deal for their 9.97% stake. They clearly did not consider that they would be able to buy 400m+ shares on market to achieve that level of investment at less than the 1.75c price they agreed with SPX. After all, they may have bought some shares cheaper on market, but as soon as they hit the magic 5% mark, they'd have to file a significant holder notice and from that point on the market would know that Capricorn is building a position, which may have moved the share price unfavourably for them.

Capricorn is obviously taking a position as a long term investment and consider that the price they're paying is a fair price to enable them to get such a big slice in 1 hit.