edit: I don't have time to read the whole BAKEWELL thread, but I'm sure some of you already have. It looks like it's relevant to what I was talking about.
The truth is that, when a company fails to sell out an IPO it's very hard to put a value on it. The best you can say for SURE is that it's less than the IPO price (as all demand at that price has been fulfilled already - which is why it hasn't sold out). I think Ian (and plenty of others) do themselves and their shareholders a disservice by starting off trying to issue too many shares. Had he only initially issued enough shares for his first rig he'd have sold out already - and the market could begin trying to value his company. Because he didn't do that, he's placed a ceiling on the price at 0.15 - meaning all remaining demand necessarily has to be below that.
Looking for solutions to the ceiling problem.
Ideas, opinions? Nothing is going to suddenly change, we would need to hammer something out and then have a vote on it, but I think this is a valid concern.