Pretty sure HGO have cost ARA a lot more than .03 cps. They had a big holding many years ago. We know copper prices collapsed, debt etc nearly took HGO out. ARA underwrote the notes, and imo, ARA saved HGO. This is when their shareholding increased to where it is today. I do not think anyone would take HGO over at present, as to many things to consider that would have a huge bearing on share price. ARA will be waiting for cash to be paid out sooner rather than later. Once the PHES has been sold, or not, and they know what is happening with mining, then they will consider what to do. I am pretty sure  that with a 26% shareholding, they will be breathing down the necks of Steve and other senior management. What would you pay for HGO  today? 15cps ? If they successfully sell the PHES and find another 10 years production, would you pay 75cps ? Who knows. So many unknowns make this such an appealing investment.