I think the t/o speculation comes when people try to value the companies and realise that the cost to the customers in the medium term is more than the going MCap.
This implies over confidence in the investors (unsurprising at the speccy end), under confidence in their customers or the reality that any move to takeover would hugely inflate the SP if hostile or be rejected by the believers (holders) if friendly.
crunch these numbers, page-28
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