I don’t think there is any great plan by Sandon here beyond...

I don’t think there is any great plan by Sandon here beyond extracting the last cent for shareholders which we could read as themselves. Sandon have increased their holdings from 13.3% in December to 19.9% in February, got their 9.3 cents back and are buying at essentially cash value.
Cash at end of Dec was $33.029 Million
Cash returned at 9.3 cents per share equals $30.2 Million
Leaves $2.83 Million which equates to 0.871 cents per share.
Given the very low cash burn, 0.8 cents per share seems fair cash value.

The inherent assumption is that the shell is worth nothing. Mr Drona has already said that the HyACT IP was worth nothing at the AGM so that leaves the listing and accumulated tax losses.
That opens the door for Messrs Drona and Gozlan to back one of their up and comings into the “worthless” shell, do a share consolidation, raise capital on new share issues to “sophisticated” investors and we should see any further potential for small investors evaporate like magic.
Sandon will do OK because with 19.9% their vote will be needed and any upside is a positive over their buy-in price. Small holders will be forgotten.
Does this sound too cynical?
Junk