lack of confidence, page-4

Let's say a potential takeover bid is current price +40%. That means 0.39 + 0.156 = $ 0.546. That would be a steal, and even 10% below the latest share issue for sophisticated investors at 0.60. So then the offer needed to be increased to at least 0.60 to get everyone on board.
That is your very very maximum SLR shareprice in my opinion.