I would agree that they have a history of buying cheap and...

I would agree that they have a history of buying cheap and selling high. That is the benefit / risk of holding your shares for a few years and going on the ride with them. I also agree at this point in time that while possible it is unlikely a new bidder will come in. I also agree with you and BDO that the offer to current shareholders is a low ball offer taking advantage of management not issuing shares last year and if they were to do so now would be at a decent discount to the current price.

However in the absence of another bidder, I very much disagree with you that the share price can get to 8.5c prior to the offer. While you might get a few people interested in that theory, who in their right mind would buy the 100's of millions of shares necessary to do that at that price ?? On 20/3 - 6.7M shares traded hands and it barely moved the price. If you get to 5.8cents in high volumes without a bidder those that have provisionally accepted Hanking's offer will sell their shares. In the unlikely event the SP gets to 5.8c at high volumes prior to the offer closing it might screw a little with Hanking's offer but in the absence of a superior proposal it's not likely to go higher.

I do hope you're right but I don't see it happening.

Cheers