",We dont really know who has been buying up these cheap shares ,we may wind up owning about 25% of nothing ,If this should happen I wonder how many of our present bod will have jobs on the board of the new company"

In case you hadn't noticed, not many cheap shares are really changing hands. The volume is insignificant as far as ownership is concerned but the sp is a very real issue where takeover is concerned. I don't believe that there is an attempt to acquire shares, I believe there is a definite interest in having a low sp on which to set a premium. I suspect the players are already in position