What is ISX share fair price ?, page-20

"LHC has now adopted a lower valuation again, of 5.1¢ per share, giving their 89.45 million shares a carrying value of $4.5 million – which is still $4.5 million more than LHC will ever get for them. In reaching its new valuation, the fund’s independent expert FTI Consulting weighed “the recent drop in equity markets globally, an increase in uncertainty resulting from the ongoing ASIC enquiry and the application of an additional discount due to a lack of marketability of ISX shares”

The largest institutional shareholder, LHC, wrote it down to 5.1c on the back on an independent valuation. I will add that given the latest quarterly shows the company's revenues declining, plus an even more acrimonious situation with ASX and potential de-listing by the company itself, the value is probably now below that figure. Granted it still looks to be capable of making a few million a quarter and a 55m market cap implied by the 5.1c might seems low, however when you consider the significant problems surrounding the stock, the fact the business is now in decline, it's hard to see it gain any sort of conventional valuation, let alone a 1B+ market cap....