I similarly bought in here for Sybella. And liked the added bonus on the other non-RE targets. But have caught up on the MMA story. I'm holding a few too many stocks at the moment to be totally over the top of the fundamentals on all.
The shareholding in MMA looks worth around $15m. Leaving just $5m in market cap to the rest of the RMA assets. Less cash.
So, yeh, one could argue that 75% of the interest here is related to MMA. Though it is escrowed until April next year and such a large holding isn't going to be liquid until/unless MMA gets up a head of steam.
I'd agree with@T2CupAndHandle that Sybella and the four non-RE targets are all heavily undervalued here.
(20min delay)