Takeover, page-197

Personally, I think the best one could help for is cash/share merger/takeover.

2018 Annual Report had 22% of shareholders holding between 1,000-5,000 shares, 14% holding between 5-10.000 and 63% holding over 100,000. Assuming that the major holders either sold out completely or sold out to drive the price down to pick up again at a cheaper price, they could be holding between 60 and 70% possibly purchased between $ 2.15 and $ 3. Alternatively the small shareholders may have held since demutualisation (no cost basis) or purchased in the intervening years and have held with their numbers increasing by bargain hunters purchasing in the sub $ 3 range.

However, I think what is likely to happen is that a takeover (if it occurs) will be in the vicinity of $ 3.50, unless somehow a bidding war occurs. Obviously I am hopeful of something better.