It's not worth $20m, it's worth $0m. Actually less than $0m...

It's not worth $20m, it's worth $0m. Actually less than $0m because they would have to pay shut down costs (redundancies). I'm not being negative, it literally is worth $0m and there's no way you could sell it for a positive value right now. Should just shut it down, take a write-off and move on. It's not going to be a "third pillar" of growth or whatever they said originally, it's just a lead weight around the neck.

Market is rightly unwilling to look past the KC losses until management cuts it loose (or magically fixes it, which I do't see being possible) - under current strategy it will continue to bleed red into the group result and that is being reflected in the market PE.

It's not like it's a KC only issue - the content marketing industry is extremely challenging. (https://mumbrella.com.au/brand-new-media-in-administration-363068)