Ann: COVID -19 Update, page-8

I think it's around fair value at the moment. The business is still in the revenue rot phase. Who knows where it will stabilise? No indicators pointing to stabilsation yet. It has competitors that are eating away at its clients and margins are eroding in order to compete. And it has a pile of debt which doesn't look good if the new norm for EBITDA is going to be in the vicinity of $10m going forward.

I'm neutral in terms of upside vs downside. Can't see much upside while revenue is yet to stabilise, while downside is somewhat limited given that valuation is already tiny.