My 5 cents worth is that the directors will refer to independent...

My 5 cents worth is that the directors will refer to independent experts for value. As a CA I have a reasonable understanding of the valuation method BDO Kendalls will use the role Paterson's will play. Intrinsic value of various projects is going to be over 10c. The report will be qualified based on the coys inability to attract a credit facility.

Plough your dirt cheap options are a better chance than 20% on being in the money IMO because some of the dir are not ready to retire just yet and will irreparably tarnished their reputations by caving in at the first "opportunistic" offer.