tender related buying, page-2

they will get the shares cheaper than $1.55 in the tender.

$1.55 is the price at which they would get pretty well all of the shares on issue tendered to them as it approximates the cash backing and there is no value in the assets at present.

however, some people will be happy to just get out at a premium to market. I would guess that the market clearing price for the tender will be $1.15 or just a little higher. . ..