So ballpark, valuation is 0-40c per share in my view. Given it can't trade below zero there's some option value there, but it's entirely rational that it'd trade sub 40c.
Not really rational in my view as that would be valuing potential at zero and there is no reason, unless the whole operation from current clients to active pilots is a total scam.
Ann: Appendix 4C - quarterly, page-317
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