RE:Value of YauExValue of TauRx will be difficult to figure until regulatory approvals and ultimately cash flows are generated. That said, Count is right in explaining that the AD market is untapped and massive. As I understand it, addressing AD the biggest unmet need in pharma today globally. If regulatory approvals are achieved for a safe, effective, oral drug (like HMTM) the value of TauRx is not going to be small. Very likely much higher than Dundee's carrying value of CAD$35M (which values TauRx under US$1B).
The reason why dundee's stock is so cheap is lack of confidence in the board and management. The multiple voting shares basically limit the market's ability to get involved if they are not pleased with decisions or performance and replace directors and executives. So if Dundee is able to monetize some large sum from TauRx in the next couple of years ($500M+) it's really up to Jonathan Goodman to determine how that capital will be allocated. On one end of the spectrum it can vaporized with poor decisions and on the other end it can be compounded a higher rates (or returned to shareholders).
In my opinion, other than this pref to debt swap, I've been pleased with most of Dundee's capital allocation and stratgic decisions since Jonathan took over. That being said, I also believe that all shareholders (especially) the Goodman family will benefit from eliminating/converting the multiple voting shares so there can be better accountability. Obviously unlikely that occurs. So Jonathan and board need to earn the market's trust by their actions/decisions and by putting minority shareholders first in all decisions (like other successful pubcos with control shareholders).