AAM Research Piece, page-2

Thanks, Fab nice find.

Unfortunately, the initial AMM raise to existing holders has been extended until 10/01/2020 so we won't know until long after the SPP closes.

'It is understood that USD40 dollars and more is being paid in Japan for HPA. In Europe, HPA is even said to be worth a little more.'
In addition, the Company plans to raise further capital in 2020 through equity related products, such as a convertible bond for a further EUR 35 million.
Values AAM at a very conservative (their words) €1.81/share or MC of €120.78m.
Using a Euro/AUD exchange rate = 0.62 values ATC at (120.78 /0.62) * (51/49) = $202.76m or 194.8/802 ~ 25.3c/share. (assuming SOI after SPP ~ 802m).
AAM is currently trading at €1.88.