A merchant bank can easily value a non-revenue company.
They would look at SP history and at market research.
So they would look at Triangle report and say $1.60 is "unfair" and they would look at SP and say 2 * SP is "reasonable".
Their conclusion is $1.60 is "unfair but reasonable".
Where do you get $30 for the original Board's target?
I think you are confusing with Hunterr's target.
AFAIK the original Board's target was $10 at most, and maybe much less.
General Comments / Chat, page-10164
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