gcn reiterating p1 value, page-3

Yes it's face value of 30c. But by GCN stipulating and calculating a minimum 3.9c equivalent in a diluted basis shows their confidence in the number. I will be very surprised if P1 independent valuation doesn't come close of even exceeds this.
You don't have to trust me, I'm not here to convince you, take a look at the market right now. As I said all along GCN is undervalued, you either believe it or you don't.

Good luck!