My point is (with the added 5m for the 1-1.3 conversion) it...

My point is (with the added 5m for the 1-1.3 conversion) it values the combined entity at $80m at current values.
AC8 has $15m cash and draining $2m a quarter.
CP1 has about 1m in cash draining .5m a quarter.
Combined $16m in cash and draining 2.5m a quarter, so approx 6 quarters till they run out of cash.
AC8 facilities $12m.
Combined $28m and dropping 2.5 m a quarter.
Zero income atm and no sign of any income from AC8 for a LONG LONG time.
......I'd prefer to have $80m and invest elsewhere than the above.
Don't get me wrong, I like CP1, they are worth at least their current valuation of $15m and have potential, it's just the AC8 $65m ($60m + $5m extra for 1-1.3 takeover) that lacks any real value.