True NAV20 Oct 2025 11:02
one thing that seems to have been overlooked with the warrant debacle/**** up, is what the nav would be when they all convert. company’s balance sheet at june 2025 had shareholder’s funds of £3.6m. it’s continued to lose money since then, but that’s the base figure i’ll use. in round sums there are approximately 350m warrants - all at 4p. that would give the company cash of approximately £14m max, some of which it may have already received and used to fund the ongoing losses.
once all the warrants convert, the issued share capital will be around 380m shares. add the warrant cash to the current shareholders’ funds and divide that by 380m and that gives you a value for each share at around 4p. very simple maths.