Ann: Isentia enters into scheme with Access Intelligence, page-36

I get this has been a dog of stock and burnt so many investors, including me, but 17.5c still seems very cheap doesn't it?
With 200M shares that is a $35M valuation. Per the release EBITDA is $12.8 for the 11 months to May so pro rata say $14M which equates to a multiple of only 2.5X!
Yes there is the debt / need to re capitalise but surely given decent committed and incentivised management this business can be dragged up to double that valuation in pretty quick time.