Value of the MSM App and Brand

Current Market Cap is $46.3m. Calculated as 385.7m ord shares x 12 cents. This excludes any potential dilution from pref shares etc.

If you were deploying large sums of money (either your own or an institutions) and had the opportunity to purchase the whole company, would you buy MSM for $46.3m (ignoring control premium). Do you think what has been created to date is worth $46.3m, or would you be better off simply starting from scratch? Devil’s advocate, surely you could hire some app developers to build a similar app for a few million and the alternative contest could differentiate itself by offering say "$2m" grand prise or more prise money for sound winners etc. You could spend say $10m on marketing etc.

Just aiming to get some discussion going about the actual value of the company as opposed to just saying if 12 cents is cheap or expensive relative to where this has traded in the past.

Note: I was a long time holder and believed the contest had the right formula, but lost conviction and sold at 13 cents pre-India announcement. I'm still following the company but have resisted the urge to get back in at this point.