Bit the bullet as well, very disappointing but impossible to...

Bit the bullet as well, very disappointing but impossible to value for a Super Fund as a private company.

The other consideration here is the convertible note holders can convert their US$5m note with interest into shares at a 25% discount to the prevailing share price, which at current levels would imply >500m shares or almost 3x current issued shares. Now they have had this option for a while and have not converted, but doesn't mean they won't, then 2.2c will not look so great!

Moral, never invest in an illiquid Israel company listed in Australia with all operations outside Australia, just makes no sense.