Ann: Appendix 4E & Financial Statements Year Ended 30 June 2014, page-3

There are now 43.2m shares on issue, = m/cap of $7.3m

All interest bearing debt is, or is about to be paid off, from the RI proceeds. No Conv. Notes are o/s.
So conservatively assume an EV of $7.3m

With an EBITDA of $1.85m, trading on less than 4x EBITDA

With Iridium Go now in full production, and being well received, and with the balance sheet sucessfully re-capitalised, I see some nice potential near term upside here