The problem is, due to the nature of this deal, it seems we're...

The problem is, due to the nature of this deal, it seems we're going to come out of it in a similar situation to what we started with.

If the stated NTA treats the full $79.16m from the JBFG offer as a cash value as the announcement seemed to imply, I think the announced NTA would be well over $2.60. But really we're back at square one, holders having to decide whether $67.16m of "debt secured against unlisted securities" and a $12m "convertible note for unlisted securities" is really worth that face value. Should it be discounted for the chance of default, and by how much; and in the case of default, surely the security wouldn't be worth much either.

Of course I don't know what the alternative is, because there's no way JBFG has all that cash to simply pay up front, so this deal is probably as good as it gets. But while it might be enough to get us trading and somehow 'solve' the unlisted valuation problem in accounting terms, it doesn't *really* solve the problem. Only time and regular debt repayments from JBFG will do that, so it all depends on how much time you've got and how lucky you feel. I'm sure most holders aren't feeling that lucky anymore.