Yes, you are correct: the 'valuation' had a governance discount. It was also based upon a lower FUM than BLA has currently declared to market.
If BLA can survive, there is some prospect that on Glaucus' own metrics, there is value here-abouts. However, it would take a brave soul to buy in here.
I don't know if Glaucus has issued a revised report. I would doubt it, but I have not looked.
BLA Price at posting:
$3.10 Sentiment: None Disclosure: Not Held