I beg to differ on your view of worth of shares and of the company.

If you wanted to sell a position of say 50,000 shares right now and i mean "now" you could not get more than 1.16 for more than 1 board lot and you would end up hitting various lower bids as you threw more shares at the market.

Conversely if you wished to buy say 50,000 shares right now you could not get more than 2 board lots at 1.17 after which you would be hitting various higher offers.

I do not have access to market depth data and so cannot say how many shares could definitley be sold before the bid got up to a level where an individual market participant (Using myself as an example) would look with interest at possibly selling a small part of my holdings.

I believe that all attempts to really place a real value on the shares are futile and the only thing we have at any time is a very small grouping of market participants views reflected in the bid ask prices for purchase or sale by people who must sell because of their need for cash or their lowball offers to pick up shares from someone who needs cash.

of course for a buyout bid by a large buyer the board of directors would either negotiate untill the bid got high enough for it to be taken to shareholders or it would be rejected outright. Major shareholders of course would have their say in such discussions.