Ann: Appendix 3B, page-19

Who ever issued and who ever bought all of those shares have agreed to put a value of $00.01 per share for PDF.

So I think it is a basically fair way of looking at the mc. Coincidence that it just happens to add up to an approximate shell value?

How do you think they came up with the recent issue price of 1c?
Which is at a 75% discount to the last traded price.
Which, again the mc @ 1c is close to a shell price.
Remembering that at 31-Dec-2016 they had net assets of ~$122k
And no income, yet the lights must be kept on.