I found a biggish error in my table, which I've fixed, but this is how I calculate it. So we're essentially tracking the OZL share price equivalent (see the ratio of 99%). It means Caspin's EV is more like
negative $2.6m when you account for cash, including options exercise.
Despite the biggish error my conclusion is the same and that's we're still cheap at a negative $2.6m EV. 20c is probably fair value.
