Yep, gets caught up in the general dummy spit we are seeing from...

Yep, gets caught up in the general dummy spit we are seeing from investors who have become used to playing with free money. $216m mkt cap (extract $15m net cash) we are are at say $200m vs the conservative current liquidation value ($177m).... So that is a reasonable enough floor price form an asset backing, and excludes any goodwill or future profitability form the business operations...

Worth noting;

The current liquidation value will be revised in two ways at the end of Q4

1. upwards by at least 15 inline with NSR forecast (less any sales in Q4) which reduce 2022 holdings. So $178m currently, less $10m for Q4 sales ($168m) * 1.15 = $194m....

2. Each future maturing yr will move up the rung (i.e. not be as heavily impacted by the discounting that is used in the valuation)... So 2023 maturing stock will have liquidation value of $42m (instead of $34m) and so on.... This in its own right would take the current liquidation value (less $10m of Q4 sales) up to $240m...

Combined together circa $275m liquidation is likely if the above is true... Open to criticism on the aboce, but the liquidation value is really just an NPV of the Maturity value... While in reality the liquidation value doesn't change in one day, it has over the course o the year been generating this value, but not presented by management (i.e. the current liquidation value is materially understated IMHO..

DYOR.......