Again nothing of what you are saying makes sense. "Institutions...

Again nothing of what you are saying makes sense. "Institutions won't look at companies that don't pay dividends and even analyse a microcap like VMX", then you go on to say that an institution probably pushed the share price upto 25c and bought the 6 million options.
You don't calculate the price target using a PE, but you applied a 50% discount to the ASX Small Industrials to dispute Hartleys value?
And now you reckon how many options are converted will set the price target.
Really?