Ann: UCW: Investor Presentation - Takeover Offer for RedHill, page-6

Headline metrics based on pages 5 and 6 of the presentation:

RDH

• $40.0m market capitalisation
• $21.5m net cash
• $18.5m enterprise value
• $64.6m revenue
• $10.8m EBITDA
• EV/Revenue = 0.3
• EV/EBITDA = 1.7

UCW

• $21.5m market capitalisation
• $4.5m net cash
• $17.0m enterprise value
• $25.1m revenue
• $6.3m EBITDA
• EV/Revenue = 0.7
• EV/EBITDA = 2.7

Both companies look undervalued. RDH more than UCW. It is as though UCW doesn't want to give RDH credit for their net cash position.

Viburnum holds 6.2% of RDH. More importantly, they also hold 10.8% of UCW. So it makes sense they're in favour.