Following on from this, doing some rough basic math: half of the...

Following on from this, doing some rough basic math:

half of the asset at US$300
x2 for full asset = US$600
US$600 / Current MC = x4 (approx)

So with the SP currently a 9.6c, lets round up to 10c (like I said just doing really rough calcs here).
That puts managements value of the asset at ~40c per share.

Couple that with the upper tranches set for Airguide and JNS which are 44c off memory?

Pretty much lines up and supports peoples arguments that a TO offer would need to be in the 45-50c range per share.

Now being objective, this is not to say this is what they would get in reality if this scenario were to play out.