Step aside Gus, page-54

I think the assumption that the top 20 wont play ball is flawed. (How many times has a top ten holder told the board that they are there to support them and aren't interested in a takeover, only to pounce at the least opportune moment?) Recent capital raise that PALA et al were privy to would suggest to me that PALA are positioning themselves for such an event, and at terms that would diminish the share price and my voting power should it come to pass.
With another stock were a takeover bid was made at 45 cents it was howled down by all and sundry, today the shareholders would leap at the opportunity, trading at 10% of the offer.
So my question still stands. Obviously the PEN board and PALA both expect the SP to drift south over the foreseeable future, hence the terms of the last capital raise, at what stage does a takeover become doable?
Share price drops to say 40 cents for 30 days plus (for example), an offer is made by one of the top 10 shareholders at say 80 cents (double the 30 day weighted average) , the offer will be deemed as "fair and reasonable". Large number of retail investors will have brought in at prices much lower than you and me, and the board recommend, the deal, no doubt crystallising millions in the process.
Just putting it out there for discussion, but certainly a scenario that has played out many times before on the ASX.