Ann: Quarterly Activities Report and Appendix 5B June 2015, page-32

My view is that comparing these 2 Cicero shells, on such a small disparity of market cap or EV, is irrelevent. Paramount is to consider other factors (as we are not looking at $10m company vs a $1m company)

The main factor being which shell will have a tech vended in first. If RSL is trading at a higher valuation than WPI, then RSL's slightly higher valuation may be justified or even reflective that the vend in will take place there first.

The quarterlies from both companies are interesting:

WPI:






- Does the highlighted paragraph mean that there is an agreement with Mineraux which Mineraux needs to take a decision to dissolve first before a tech vend in can be done for WPI? How long would this take? Would Mineraux agree? Is this why Walker is ploughing money into RSL over WPI

The circled words "if and when" don't mean too much by themselves but there is no mention of "if an when" in RSL's quarterly:

RSL:



Why has Walker mentioned the highlighted? Why not similar wording to WPI? No mention of "if and when". An air of certainty here and regarding the failed other deal, I don't think RSL will be moved to the back of the queue.


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So with the above in mind, I think that this is why there is a slight pricing difference. But as mentioned, the most important thing is the catch the right shell at the right time. While we've been comparing these - 2 weeks ago POK as 2c and then recently traded as high at 20c. Whatever it's market cap or EV was 2 weeks ago is now clearly irrelevent. It still would have been a 4 fold return (so far) even if the market cap was closer to WPI and RSL's.