article from crikey, page-27

current market capital is not reflecting the true value of the company, it is an indication of extreme under the risk of death, the value lies in the annual report in the part of net assets, which you may consult from SWAP's previous posts - say around 1 Billion. plus the assets' profitability level say 40c or so, times the earnings per share ratio say 8 to 10 times, which is to say, in the case of company's survival, SP should be around $2.5, thus the dilution should be based on this level.