we need a new md - and we need him/her now!!, page-13

re: valuation - 2$, only tiof blue sky I get a valuation of 1.23$ per share with Chinguetti, Tevet, and Cash, and no "blue sky" at all.

Most of us know there is MORE THAN THIS with Hardman.

Tiof itself could be worth over 1$ per share once it is commercial. At the moment its "blue sky" value would be around 0.75$, i.e placing a chance of success of 0.75. Declaration of Commerciality of Tiof would bring the chance of success up to 1 and therefore no more blue sky with Tiof.

So a valuation taking into account Chinguetti, Tevet, and Cash, and Tiof with chance of success of 0.75 gives us per share:

1.23 + 0.75 = 1.98

i.e. around 2$ per share. This is not considering any blue sky at all other than Tiof which so far is getting closer to success (e.g. Tiof 3 very successful), and assuming Tevet will go ahead (easily tied back to Chinguetti). Chinguetti, we all know by now, is a definite go-ahead.

So 1.84$ per share is cheap if you think that there will be any further success at all in the remainder of the program.