Ridge's directors are buying!

So even applying a "risk discount" of 25% on Giant Steps figure of GBP50m, a valuation of 37.5m GBP equates to a target price of 62.5p .

If one takes the proposed price struck with IDC (SR enterprise value of $40m), and Ridge ownership of 39%, one could propose a valuation of:

$38m BR + $15m SR = $53m x 25% discount and convert to GBP = 22m GBP which equates to 38p per share.

If the Imbani funding is confirmed at least there should be some appreciation, based on erosion of the risk discount that the market is applying for the current market price of 35p?

These assume no value to Fountain Ridge. But then we have no info on FR to base a valuation?