SMN Valuation, page-56

The AEM subsidiary is cash flow positive, and growing in profitability, as well as the added contribution from its recent Eagle Audio acquisition.
Whilst the company has already indicated its desire to raise funds, I don't believe there are any pressing financial issues, of significance. It does need to cover the Tulip Bay royalty payment of $530k, and replace the director loan of US$800k provided by Stephen Forman.
Perhaps the likelihood of building the AEM business is the wildcard, with previous references to other potential Eagle Audio - type acquisitions. But that ultimately simply builds a bigger cash flow for the Group.

I remain of the view that the current share price in the 60's probably is fully underpinned by the growing AEM cash flow.