RE: Results4 Jul 2019 12:50
Don't forget that cash is an asset, so if you're not including EMMAC in the NAV valuation then you're including £4m of placing cash (£2m of which was subsequently spent on EMMAC) plus whatever the existing cash was before that.
The March 2019 presentation had the NAV total for INVESTMENTS at £15,532,000, excluding EMMAC, and excluding cash.
So logically, even if you went very conservative, and went with no increase in valuation on any investment, then you'd be looking at £15.5m (ignoring small rises for Vemo or Yooya sales), plus £4m cash, plus other existing cash. So you should be looking at a NAV approaching nearer £20m, when including cash (or cash+Emmac).
Unless I'm mistaken....