CSE – the best ASX shell play -$1m EV, page-32

Plenty to like in a shell trading at a $1m to $2m discount to its cash and SYR share holdings (depending on the day) - the right acquisition will get things going.

I also see significant value hidden away from its 2018/2019 seed investments that further adds to the current negative EV. These two are only carried at initial cost ($250k and $320k) and are not revalued other than fx movements on the USD Verrency deal.

ThinkMarkets has been linked with a $300m IPO in the past, and just last week announced a sponsorship deal with (the mighty) Liverpool FC (maybe raising profile ahead of another IPO play?).
Verrency Holdings was named as Australia's fastest growing Tech Coy by Deloitte back in April.

Not bad for our little ASX shell. Not without S/T risk due to ongoing ASX requirements but I think its more than worth the punt.