Let's clear things up. I'm certainly not valuing P1 at $1.08, and I agree with your reasons for doubting what P1 is worth.
What I wrote was this: "On the basis of the Sino valuation of GCN shares, Centurion is implying one P1 share is worth at least 8 x $1.08 = $8.64."
I repeat - that if you accept SIS's minimum valuation of GCN shares, then Centurion is implying that P1 shares, at 1 for 8 GCN shares, are worth $8.64. If P1 shares are worth less than this, then GCN shareholders are being done in the eye, according to SIS's valuation. This is what made me wonder why Richard Li and his directors have not already dismissed Centurion's takeover offer as laughable.
By the way, SIS is owned by Richard Li who is also CEO of GoConnect. I presume the valuation was done in good faith. But I would not count the valuation by SIS as meeting the conventionally required standards of independence.
GCN Price at posting:
1.7¢ Sentiment: None Disclosure: Not Held