The only problem about looking at the cash backing and EV is...

The only problem about looking at the cash backing and EV is that cash is being burnt fast - I don't remember exactly what it was but I remember when I first bought this around 18c I am pretty sure the MC was below cash backing at that time (from memory it was about 20c pper share cash at the time) and I am assuming that the market is aware of this and the cash burn hence a more realistic EV probably taking in to account future cash holding.

Or I am just being silly thinking that there is actually any sense in valuations down this end of the market...