I still don't understand how a cash flow neutral (now) company with 97mil debt but balance sheet including TV license and some other assets like rsvp (13mil) can be worth less than the debt it owes.
Surely the minimum return to shareholders should be above net tangible assets last reported of $0.06 per share. If someone picks up TEN for less than 120mil debt free they have a bargain.
Unfortunately for shareholders, he said the "preliminary view is that there is no value" for them, page-6
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