twenty percent dilution for shareholders, page-3

A take over target must offer something to the party that is willing to take over. Eg, inefficent management but great cashflow. Look at Harts takeover of Goodman Fielder and Carter Holt Harvey. After 2 or more years and what appear to be now outrageous statements on poor delivery from PPY's subcontractors and based on the photo's exhibited at the AGM and still no real sales the factory is obviously not able to deliver. My view is that there is no way that PPY can afford to challenge Hayott, so the patents and IP are perhaps not as valuable as we all thought. Goodwill only comes from an ongoing business that has some "prudent value" beyond its assets, such as the reputation the firm enjoys with its clients. Likewise, a buyer may agree to "overpay" because they see potential synergy with their own business. PPY at this stage offers none of these attractions.

Maybe, they are looking at taking the company off market for themselves???