My 2c (which shouldn't really be sneezed at since this would buy...

My 2c (which shouldn't really be sneezed at since this would buy 6 shares) ...

The outcome of the Withholding Tax appeal will be accompanied by another announcement. The second announcement will either be the winding up of the company (in the case of an unsuccessful appeal) or a capital raise (in the case of a successful appeal). If its to be a capital raise, it could happen at around the company's NTA value of approx 1.2cps.

There may be a second bonus announcement if the appeal is successful - regarding the Chair's idea of suing the previous auditors. If RAN had sufficient funds, this initiative may have been kicked off already, but its probable that it will need some cap-raise funds to pursue this legal avenue. Should be a no-brainer to get a couple of million out of the auditor's professional indemnity insurance - given that nothing material changed for RAN between the previous auditor's actions that caused the de-listing and the current auditor's actions that enabled re-listing. You can make a fairly rigorous case that since RAN's operations didn't change materially over the past two years, the "cost" of the de-listing in terms of reducing RAN's value to investors is the difference between 0.6cps and 0.3cps - ie approx $3m - not to mention the opportunity cost of what RAN may have been able to achieve if it had had access to capital markets over this period.

We're right at the extreme pointy end of ASX-listed risk - lose the WT appeal, lose 100% of your money. Win the WT appeal, probably get something like a 300% to 400% return. And if the chair is right, the roulette ball is scheduled to stop bouncing around "early in Q2-2025".

If RAN has a better than 1-in-3 chance of winning the appeal, it looks a good bet (and vice-versa).

Fun doesn't stop there. With your 300-400% winnings, you'll get to take the money off the table, or go all in on the VAT appeal. Win that one, and it would be easy to value RAN at $50m (5cps). And this one is also expected to be resolved by end-2025. So, a 10-bagger or a big fat zero in 9-ish months.

In the words of Dirty Harry ...