Someone is building a stake, page-90

Looking at the balance sheet from H1, assuming $11m is rubbed out of the cash from the H2 loss (net cash might be 18 cps), you might have an NTA of about 28 cps as a starting point. If you add back 60% off the goodwill - sacrificing the likely takeover premium that might be embedded in there, you get to 42 cps.

It this way of thinking doesn't seem too stupid, then you might try to work out what the rest of the business is worth in further intangible value. If everything goes really badly with the new plan, then there is the opportunity to revert to the previous plan. IMO that adds quite a bit of value. There is also a perceived takeover risk as well. Also who knows - we might see a half at some stage soon that gives credence to managements plans.

On the negative side re balance sheet, is the ice-cube risk etc, that the assets will be whittled away over time. Also that the business will fail in their new plans.

I suspect an optimist might still pay $1.00, and a pessimist about 40c, so I take the middle at about 70c as a target, but if this doesn't trade well for me will be gone like a puff of smoke.