Ann: Form 603 Initial Substantial Holder Notice, page-7

It is noting there are just over $12m in value of unrecorded future tax benefit from tax losses that could be recognised as a deferred asset on the balance sheet as soon as MTN has ongoing taxable income. If you take this future tax benefit at face value it adds another 13c of value to the actual NTA, bring the number from 4c to 17c per share. Obviously a purchaser would look to discount the future tax benefit based on their planned usage, but it is a very real asset for a party with taxable income that is able to be directed through MTN.