a) The valuations $0.52 - $0.72 apply only to the $260 million IPO for the Chinese subsidary ONLY, valuing that
portion of GMV in that range. GMV still own 100% of rest of the world. What additional valuation remains for the rest of the company? The spin-offs and rights deals (e.g. licensing, Euro-centric variations, software specific to Health Systems outside China, other inventions: are incalculable but must however carry some proportionally promising spec valuation.; (Given point b) )
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b) If GYIM weren't optimistic and wanting control/ownership on a short time-frame, they could have gained control in the company cheaper over 3-4 years, with some risk, via CR dilution and picking shares at every opportunity over that period; and have gained essential control of the whole company, not only the Chinese component.
The take-aways from that, reading between the lines and applying NUMEROUS assumptions are that:
1) China is the undoubted jewel in the crown, and is expected to eb worth more than the $260 million IPO.
2) It's medium term play, not a long term one.
3) Our directors are very very smart businessmen. Noone underestimate's Chinese businessmen in Tech space, Yakov et al are onto something magnificent here and have maintained great holdings without selling-the-farm as it were.
4) Our speculative valuation surely has to be north of the 50-70 cent range that the Chinese partnership encompasses.
I'm thinking A2M, Cochlear, Costa Group, Bellamy's ... this is shaping up to be a fast ride folks.
(Purely speculative, but there are promising signs here)
