You said that you knew nothing about. That's why Steve (and others) discussed it prior and they were kind enough to do calculations based on your wild assumptions. You didn't even know how to work it out - you admit that. But it is also irrelevant, as Steve has pointed out several times, as the Primary Senior Lenders would not be considering this as a valuation method for SGH.
But, I will just direct you to your prior posting
posting from 4 February, when the share price was 25.5c.
Let us revisit, for those with weak memories (they were your words...) {I have added my own comments in these brackets to your original points}
What do I get for $0.255? {Well, now its $0.091 - only 36% of this price. Really, your credibility ends here, but lets go through your points anyway}
- part in a $900mil+ revenue international leading law firm {on track to do less than $800m}
- a company that is 'on budget' according to management {cashflow negative in H1 and a loss in every measurable metric}
- a company that has main banking syndicate support as per latest announcement {banking syndicate has sold at a substantial discount to "Primary Senior Lenders", one of which is Anchorage Capital. SGH have said in their Market Update that they require the continued support of the lenders to remain solvent.}
- a company that has passed the 'greatest risk' phase of a major restructuring and business improvement program which has been paid for mainly out of own generated cash flows {cash flow continued to be negative, with SGH releasing a market update stating that they were capitalising over $30m in interest and taking another $40m in cash to run the business}
- the restructuring and business improvement program when complete may create a material competitive advantage in relation to competitors {no sign of this, yet, but I guess that is why you said "may"}
- a company that is hiring permanent NIHL post settlement staff in the UK {this portfolio alone could be worth $100mil to $200mil) (This is still in limbo and no update has really come}
- a company which in the UK have 98% of clients recommending us {irrelevant. revenue has decreased and staff attrition has been an issue}
- a positive Barrister's opinion in relation to escrow money worth 50mill British Pounds {and the other side has the opposite advice. But largely irrelevant anyway as the recent capitalisation of interest and cash drawdown was about the same as this amount.}
- part in a massive UK CA against VW (could create unlimited goodwill with future clients). {irrelevant, as its BAU work}
Now you want to dismiss the H1 results (which you said we should wait for). Ultimately you are just trying to not acknowledge the fact that current SGH shareholders are waiting for whatever the Primary Senior Lenders decide. She market knows this, hence the dismal share price. A market cap of $32m may still be considered generous.
It should be noted that there are zero market experts saying that you should buy SGH. No one is willing to take the risk with announcing that they or their clients should purchase these shares.
But, each to their own, I guess.
