Fair value, page-19

A huge factor in assessing a FMV for a company like this is confidence in management to make the deals, allocate resources with limited funds, move your products from pre-clinical to the clinic, planning, organizing, directing, controlling, staffing etc. etc.

As Hoyland pointed out in a previous post, re what has happened since 2012, I think you can give this regime a not so high grade in delivering what has been promised. The net effect is 60c/sh in US$ and that, whether you like it or not is the current FMV of the company. I still remain hopeful.