Ann: Appendix 4E - Preliminary Financials, page-9

The Loyyal business last raised money at a valuation of USD $29M. This was in January 2020.

The value of the Loyyal business is the Intellectual Property in the form of software and also the patents which appear to be very valuable.

In addition, the Emirates contract and relationship has significant value.

If RFN is successful it will own all of these assets free of any debt and can go forward much easier than previously.

Even if you say the assets were worth USD $15M (half of previous raise) that's a value in AUD of approx 20M AUD, equating to 1 to 2c per shares for RFN (it looks like RFN is going to take between a 51% to up to 100% stake in this consortium).