I would argue it’s less than this. If LEL would say they are...

I would argue it’s less than this. If LEL would say they are returning all the funds to shareholders then you are probably right - 63c however if they keep the money and blow it on a poor project then it’s worth less. If they do return some funds - it will be a mixture of capital return and untrained dividend. Untrained dividend will have significant tax implications. There are plenty of small caps that have a share price similar to their net cash or even lower. Unless there is a worthwhile project to spend money on them the money just gradually erodes away.

GLTAHs