I dont think you can base any valuation of the company on what...

I dont think you can base any valuation of the company on what someone paid for it in the past.
This project needs $60-$80 iron ore prices to make it work. and at $80 the figures are substantial.
Todd knows this and are buying for that. They want to steal this project from the shareholders at the perfect time. If they had been more reasonable say 2c or 2.5c then they may have got loads of acceptances and people like myself would not have been so willing to buy at 3 times the recent trading levels. that would be high risk.
back in december 2015 the share price was here anyway so now there might be no drop in share price if Todd withdraw their offer.
The question of value in the future versus value today is what is at stake here. would i sell for 4c? 3 times my money? absolutely.
i imagine many would.
a perfect scenario would be FMG come in with a script offer of 1 for 50 and then you can ride the rest of the iron ore wave with FMG and still be a part of PIOP.
so value today is what someone is willing to sell it for....what is your price? what is the majorities price? What is OCJ's price?

cheers Contra