valuation

The most recent proper valuation of mos was published on 2nd September 2009. It was prepared by the now RBS Morgans and it was $0.32 per share. You will find it on the mos website.
Since then;
1)The Balance Sheet has been strengthened by a capital raising
2)Kimu has been sold for $11m (on the books at nil? at the time of this valuation)
3)Encouraging results from Surat fraccing project with the potential to substantially increase profits
4) Correction of the previous MD salary anomaly which impacted negatively on profitability
5) SSUGS project progressing well
6)Permits obtained, and a drilling program of 46 new oil and gas wells announced
Can anyone please tell me why we would ever contemplate a $0.15 bid for the company?