If you look at the Cashmere accounts, shares have traded at $0.70/share. so I would use that as the fair price!
That would then value MMX's Cashmeer holding at $7m rather than the $2m book value!
Hence why I see the upside in MMX! (Either through selling the cashmere stake or participating in an IPO of Cashmere)
Ann: Murchison Shareholder Update , page-9
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