there is also something else to consider - which is the...

there is also something else to consider - which is the significant tax losses SER have built up over the years. IMO SER will want to be in a position to claim a decent chunk of these.
Say cash out or partly cash out one of the assets for $20m and there is no tax payable - further have a capital return to shareholders of say $10m - again a tax free status I think.
Please do your own tax assessment though - I am not a qualified taxation expert.

SER have had the ASX query re volume and spike to 1.3c.
Now we need the substantial shareholder notice, which could be rather daunting.

wait and see what changes to the top 10 shareholders - new listing for one and what have Pillage Investments been doing.