lets get some perspective here, page-8

My two bits worth:
To put things in perspective, APG developed some technologies and they had talks with Ticor, India, Crystal, Iluka, NZ Steel etc. etc. to try to commercialise them but failed. After selling hundreds of millions of shares, all they have to show for it is a small plant in Newcastle (well, more like a workshop). All these majors are already doing big businesses without even knowing APG. APG had nothing more than a concept and some laboratory experiments to convince these majors and it is really not a big surprise that APG didn't get too far.
Now, APG has the opportunity to turn the workshop into an integrated process plant incorporating all of their technologies to show the world once and for all what it is all about. It is still a baby plant but it is an industrial scale and fully functioning plant. To me, this is the single most significant step in the whole history of existence of APG.
What BHP paid for the shares is not really of importance here. BHP could have lent the money to APG or build and own the plant itself and somehow joint venture with APG to prove the tehcnology. The placement of shares to BHP is a means of financing the building of the plant and there is no need for us to try to read too much into it. The 20c is not a ceiling or a floor. BHP is interested in applying APG's technology into their existing and future multi-billion dollar projects, they are not interested in trading APG shares. If on announcement APG's shares had gone to $1, BHP is not going to sell its 25M for a $20M profit. They want to prove the technology before 'owning' (or licensing) it. They are not interested in a few million dollars profit once-off.
So where to from here? The first major step I believe is the granting of the licence to BHP in S Africa. In the last announcement, APG said 'it WILL grant a licence', sounds pretty much a certainty to me. How much the licence is worth is anybody's guess but once it happens, APG will have a long term income stream, something that shareholders have only dreamt about all these years.
From there, things can get complicated as APG will be in a much better position to obtain funding to build its own 60Kt plant, perhaps using its own mineral sands in the Murray Basin and can even rival BHP, Iluka, Bemax and the like in the longer term. BHP can fund the 60Kt plant and get more shares and a world-wide licence from APG. Other majors can step in with good offers to fund the 60Kt plant, BHP or others can buy APG or its technology outright (which is a high probability outcome). In any case, by that time, we will not be talking 30-40c as the purchase price has to include 20 years of royalty income plus much clearer future prospects. One note on royalty income is that all costs are sunken, there are no on-going costs. They just have to sit there (don't even have to look pretty) and collect the money.
Judging from the trading pattern of the past few days, if my theory is correct, today and tomorrow should be the best days to buy APG for the rest of this year (or perhaps ever after). Of course, I have been wrong with APG for years but I am putting a bet on this one. I will very reluctantly sell some RMS and AAR to buy more APG.