you mean $500k in cash ($4.5m is now out the door as an unsecured mates loan).
and usually it would get more value. Except in this case it is majority owned by a private club which precludes and excludes any genuine interest,
while it is structured as a private club it will always trade at a massive discount to value.
institutional investors look at the structure and the people involved and the liquidity and give it a wide miss.
shame as the rocks are good and could easily have great market story.
Ann: Capital Management, page-6
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