From memory, QGC was around the 60 cent mark when they made the...

From memory, QGC was around the 60 cent mark when they made the 1-for-2 offer for SGL. So they were valuing SGL at somewhere around 30 cents a share. QGC pulled the offer and then went from strength to strength while SGL continued to flounder. It is a nonsense to take the takeover offer for QGC, divide it by 2 and then say QGC was offering that for SGL. They weren't. The mistake was for SGL not to embrace the QGC offer at the time.