50% drop?? Its at least 80%+ as it currently stands. There's no...

50% drop?? Its at least 80%+ as it currently stands. There's no way they'll turn a profit, cash EBITDA (exclude TC movement and add back associated clawback provision) was negative last year and will significantly worsen this year with reduced commission revenue. Forget about valuing this company by cash flow, pretty meaningless at this point, we need to see what new business model they can come up with. Also expect the typical financial report when a new CEO comes in, dumping all expenses in the first year to make subsequent profits look good as if they have something to do with it.

No goodwill write off for Freedom itself, as they have no intangibles, Spectrum should be safe as their advisers act independently sell a range of products from all competitors. Cash is already run down so the $18m is meaningless, its more like around $12m now. However the balance sheet is the only thing that's preventing this company from falling below 5c, however as somebody mentioned at current prices the upside is still substantial compared to downside. If it falls further I may consider topping up.