if you look briefly at the "indepednant experts report" Table...

if you look briefly at the "indepednant experts report"

Table 12: Valuation summary   Section ref
Value Range ($m) $m   Low High Underlying EBITDA (FY15)   A 29.0 29.0 EBITDA multiple (times) 8.4.2 B 2.0x 2.5x Enterprise value   C=A*B 58.0 72.5 Net cash 8.4.3 D 6.6 6.6 Value of equity (100%)   E=C+D 64.6 79.1 Fully diluted shares on issue (millions) 8.4.4 F 352.5 352.5 Value per Calibre share ($) G=E/F $0.18 $0.22

Uses 2 – 2.5 times EBITDA as a multiple …..

and yet – the comparable company corporate transactions are
Median 4.6 Mean 5.0

So – mr Munro / FRC can “take it private” …..buy out approx. ½ of the retail punters for $7m @ 12cps…… (using shareholder funds) ........

and then sell to a 3rd party (corporate transaction multiple) .......for 40-50c .......

just my opinion ....

rgds
V_H