M&A coming ???
Could you be a bit more specific as to who are involved? as least an indication, please.
Just a phrase like that is not going to be helpful and convincing.
The fact we have is that the coy is losing money year after year.

What do you like about this counter, please?
"trading" its mobile licence is not a sure thing. Government can simply open up some more bandwidth to existing telco and the licence to GP would be worthless.

should be 明修栈道,暗渡陈仓. can google or baidu to check it out.

Latitude's EPS for FY14 1st Q alone is 15.02 cts.
If it maintains this way, EPS for FY14 would be about 60 cts.
Also, it is taking over the full ownership of two companies from LTIH (listed in Singapore).
This will make its company book looks very much better.

LA has been trading, consistently, at a small premium since 3:30pm. What does this tell? LA has dried up?

each LA has to top up 13 cts to get converted. So extending from gark's calculation, each share would has about 28 cts.

Yes, you are right. LA also pays 1% interest per annual base on par value of 13 cts.
Do note that conversion to mother share takes some time.