I do not follow the logic of your analogy as if I am buying a...

I do not follow the logic of your analogy as if I am buying a house I am not interested in the family members who own the home (ie Mulpha being a family member ) as I am mainly interested in is the intrinsic value of the house
Also from a valuation perspective I am not interested in the family members just interested in :
1.comparable values of other homes around the one I am valuing ,
2.or alternatively the construction cost of the home plus a bare land value
3. or on the final alternative the income generation of the home as a % of home price (cap rate )

for something like AOG , though which is a bit different from the family home as there is future development prospects I would rate it more like valuing a subdivision where an NPV valuation would be the method used so method 2 above but taking into account constructing more homes and a change in management with more hospice care for example to be factored in for income and expenses over future years .

I have an Applied science degree majoring in rural , residential and commercial valuation so maybe I have a different perspective from you .

Also be interesting from an ASIC legal perspective if Mulpha was involved in discussions not privy to all shareholders