You’re assuming that the baseline price from which the offer was...

You’re assuming that the baseline price from which the offer was made, namely the VWAP of 1.5c - 1.6c, closely represented the intrinsic value of MCB. It certainly did not.

I’ll even put aside the very strong possibility that the VWAP was the direct result of the previous deal we had with Lind Partners. That’s hard to prove, but people who have been around here long enough will know what I’m talking about.

Even without considering the SP suppression caused by that deal, the price of 1.5c was nothing. It did not even come close to covering the total spend on MCB alone, including the Freeport days through to what CLA has spent. What about 3c? Close but would still fall short based on my own estimates.

I guess this is a situation where “it’s as good as it gets, until it gets better”.