Morgans had an unrisked valuation in Jan 2018 at $0.57. At that point we had 763m shares. On the assumption we raise US$40m at 2cps, and exercising through the options as they're in the money gives me an unrisked value of $0.11 with 4.1b shares.
BAT Price at posting:
2.4¢ Sentiment: Buy Disclosure: Held