Ann: FY17 Sales Guidance Update, page-10

I would argue SP has fallen to where it is now due to the fact that the deals in South East Asia/Malaysia have not panned out. The market was pricing these in when the SP was 20c, so the current SP is now reflecting the fact that these deals came to nothing.

The market has been aware of these deals not happening for more than 6 months and it has acted accordingly. The SP does not price them in, they are long gone.

I would also argue that the SP is not pricing in India, but I think you are correct that it is high risk and certainly not a given. However there is upside there if it comes to fruition.

There is also potential upside with Nearcast, which is still very much under the radar.

Plus, there is the possibility of takeover.

At these prices (and yes I am quite aware it could go lower), it is not necessarily doom and gloom.