You are correct. However, what Elite is really worth now remains a matter for another valuation analysis. (The November 2023 poison pill expiration raises a question of timing amidst all things Elite. But that is another discussion.)
The point I make when using the old valuation mid-point to compare with the analysis of the O/S then and now, is to counter the nonsense about Elite not having undergone a valuation by a third party as part and parcel to the poison pill. No valuation, no poison pill.
Again, you are correct, Elite's valuation today would be different. While the drugs they had then might be gone, they were replaced more than capably by revenue producers that have enabled profitability, something that was not achieved previously, which also factors into a valuation because a company producing positive cash flow and profitability is simply worth more than a firm with similar assets but more problematic liabilities. As a valuation takes into consideration all assets (and liabilities), the drugs under development & the ADT and SOX, as well as all related patents and manufacturing infrastructure, would be considered valued assets that would be factored into the valuation analysis (as would low debt).
Finally, on what was said in the February 2014 CC...It is worth noting that, in the early stage of his tenure, Nasrat showed prescience getting the poison pill set up because he knew the threats that existed to a hostile takeover. As such, he explained the point about who did it (a top firm) and the three price points. It was a mistake in sharing all three, they should have stuck with the mid-point. Why was it a mistake? There was a concerted effort to bring the share price below the 40 cent low (just look at the price movement from end of October 2013 to end of April 2014).
