well undervalue22 Nov 2017 11:28
Net assets at last report: $17.7m (including cash in bank of $1m)
Shares in issue: 33m (of which around 20m not in public hands)
$17.7m = �13.3m. 33m shares @ 40p each.
even assuming a 50% placing to add an addtional 17m shares = 50m total would still give 26p per share NAV (+ the the value of cash raised as banked cash. Current SP <20p.