Well it's not as bad as expected. Assuming an annual EBIT of say...

Well it's not as bad as expected.

Assuming an annual EBIT of say $4m and a multiple I'd say 6, enterprise value of $24m.

I would be curious to know how much of the current facility had been drawn down (we know it was drawn to $5m at yr end). At least we get $1m for the white elephant we purchased.

I am encouraged by the NTA. Most of what is on the Bsheet is intangible assets and tax effect accounting amounts so good to know there are some tangible assets behind it.

So if we say there is $10m of real assets (cash plus debtors less creditors) and business of say $24m, then it looks okay.

Not sure how much the class action discounts the value of the business but it has surely got to be worth more than the current market cap of the company.

I am going to wait on the sidelines tomorrow. I think you may end up giving your shares away especially if the ethical fund dump their holding.

Mr Market will ultimately tell us what this company is worth.

If they dip below 5 cents I will buy. If for some crazy reason the go past 17 cents I am out!

Otherwise I am a wait and see.

Good luck to all.