Given the conflicted interests of the current board and the...

Given the conflicted interests of the current board and the demonstrated inability to comply with regulations, I think the way forward is a little more complicated than the assumption the board will be able to retain the current levels of control and recover similar levels of ownership.

How will vested shares be sold in a manner that is in the best interests of each company? This will require full disclosure of operations so that "fair value" can be determined. Currently the market has no idea how to value the two companies, and more than 20% of each will most likely be sold......How will this be achieved?....It can't be done with the current board, their interest has always been to suppress the price..... Can/will NST step in and offer $12 a share for TBR shares, because that would still provide significant value to their shareholders....... I'm sure the end game for Hedley would be a takeover by NST because that represents much better value for all involved than any other option, including the creeping return of Billis......