AHS valuationis not far off although there's another 30m in receivables>payables which gets us to 11c per share. I also agree the call option value is dubious.
The real issue is the boats, are they 500m, 200m or 50m. I don't know and the banks probably won't either so they will extend the credit which brings us back to why the market at 23c. MMA still has a long time to turn the ship around pardon the pun
Breakeven, page-23
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