Yes, thanks, I understand how the sharemarket works. But we're...

Yes, thanks, I understand how the sharemarket works.

But we're not talking about the market here. We're talking about an off-market sale of the company, or its assets, or some part of them. The whole point is that the sharemarket isn't valuing the company at anywhere remotely close to the value of its assets.

So to sell the lot for only a small premium to the current share price, and at a lower price than you could have got for your shares less than 18 months ago - after all the work to build up the company - would be an error, in my view.

If you just want the "going rate", yes, sell on the market. What we're after here is something a lot higher than the going rate, and that represents the value in the company. Chuck the market out the window in that case. You have to think about what the assets are actually worth based on the peer value of companies with similar assets. The whole point of this exercise is that the market is NOT valuing the company correctly. I'd have thought that was obvious.