"Something about being a non material asset....unbelievable."
That does seem unbelievable Oz. Have a look at Note 2 to the Annual Financials - Lyramid has total asset value of approx. $6.6m and Advangen has total asset value of approx. $8.3m. I would think on those figures that Lyramid is a material asset. I haven't looked further into the valuations at this stage but am guessing that there are a few intangibles in them.
Ann: CDY Engages Advisers to Facilitate Divestment from Lyramid, page-127
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