Is my understanding correct that FGFL's current market cap is...

Is my understanding correct that FGFL's current market cap is ~CAD 5.39m (77m outstanding shares x CAD0.07)? Exchange rate is basically 1:1 so not much changes from conversion.

If so this means that it's significantly undervalued compared to liquid assets (~$9m ON A COST BASIS)...excerpt taken from the FY20 report below, which from their recent investment returns it is probably a bit higher than 9 now.

"With net income of $2,293,838 the investment and advisory firm booked $1,164,339 in adjusted net profit after tax,
with $230,000 one off adjustments. During the period it had $2,093,870 increase in cash to $4,349,767 plus $4,793,190
of investments (on a cost basis). First Growth Funds has a strong balance sheet of over $9M in cash and assets (on a
cost basis) with no debt. It expects the growth momentum to continue with a number of its investments to mature over
the next 12 months."

This is such a disappointing outcome as in Australia they would have definitely traded back above liquid asset backing and probably would fetch closer to $15 - 20m market cap at least in this current environment given the sentiment on crypto and tech investments as of late. DCC has nearly reached what is was back in the 2018 crypto bubble.

Maybe i'm wrong with my calc can someone please confirm? If this is true, this seriously just sucks for us shareholders who had to endure this process of suspension then relisting on a stock exchange that has zero interest and appetite for anything. And for what? They delisted to continue making crypto investments, however, have already pivoted to just taking placements in just about any type of company in any sector. So there really was no reason to delist at all.

Yes, i'm super salty from this outcome as I had a stupid amount of money in FGF and although it is something I can afford to lose, I do recognise that even for a spec stock, those of us who got stuck have gotten extremely unlucky here and ended up with one of the worst / dodgiest outcomes even for a spec stock. This realisation also comes really late as i've only just bothered to claim my shares from Odyssey Trust.

I guess it's a hold given how undervalued this is, unless of course it's all a sham and Anoosh and co are just siphoning money off the company as they have much more relaxed governance rules in Canada (I wouldn't be surprised). Seriously don't know how these guys are going to raise any interest in the stock price when we're sitting on a zero volume exchange...

I think the only person with any credential is Anoosh. Athan Lekkas has a long history of being associated to companies that destroyed shareholder value.

Anyway IMHO etc etc.