I agree that the upside is very disappointing, especially given...

I agree that the upside is very disappointing, especially given the great mid year report.

That said, I think you may be asking too much if you are expecting to buy in at 4.5-5.0c in 6 months.

If we accept that the company is more likely than not correct in its assessment that tax matters will be resolved in favor of MUE, and discounting future cash flows by 10% p.a., I estimate fair value to be 6.6c.

	Column 1	Column 2	Column 3	Column 4	Column 5
0	Scenario	Prob	Payoff	Value	Discount
1					Value
2	Tax matters uncontested	0.6	0.086	0.0516	0.04644
3	Tax matters resolved favorably	0.3	0.078	0.0234	0.018954
4	Tax matters resolved unfavorably	0.1	0.015	0.0015	0.001215
5
6				0.0765	0.066609

I am happy to hold at the current price, and I would be a buyer at 5.5c.