Biggest mistake shareholders can make is assuming that AVZ is worth what they paid for it or the price it was when it ceased trading. Those numbers don't mean anything anymore.
I'm not saying the 1c offer is fair or reasonable, but those guys are at least attributing some value to the company. Many others have written it off completely and value it at zilch.
Response to Opportunistic and Inadequate Share Purchase Offer and Company Update, page-64
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