Why Is LMAX Only Worth £3.6 Million?

LMAX lost another £4.5 million in the first six months of fiscal '13.
After pouring several tens of millions of pounds into its online FX subsidiary LMAX over the past few years, Betfair has decided to sell a 67% stake in LMAX to management, in an MBO which values LMAX at just £3.6 million.
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