"At 14 cents it was cash plus free option on a business."
I wouldn't call it a free option, but it is probably a low-cost option.
As for relying on cash backing as the basis for anything, I'd be careful of that approach, because 18 months ago, the cash level was ~A$40m; today it is probably around $30m.
Which means the "cash backing" argument is being eroded at the rate somewhere close to 20% per annum.
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