It's pretty much how I understand it, which is like you, barely!
The share value, values the business at what it is (almost worthless in this case). RW clearly values it at 400 times more than its market valuation.
Finding someone who values it the same is going to be difficult I would imagine.
Anyone who professes to love the club and is willing to step aside for "the good of the club" if someone is willing to buy them out on this premise is frankly taking the mick out of the club and the fans.
In reality he is hanging for all he can, we had a bloke a bit like that a couple of years back and he ended up with nowt!!

I think the price stated there is something completely different to be honest.

I suppose the value of the share is increased by the fact that in effect the company has its own asset in the ground and although it does have some sort of debt, these are mainly attributed to another company Director and Chairman and not outside creditors.

If each share is worth £40 and RW and JF have about 11-12,000 of them plus other shareholders, what does that value the club at, and do you think that is a fare reflection of the club?

That's only £440,000.

Wheldon Road for housing in the economic peak was worth about £8m-£10m.

Therefore, I think that if there were a total of 25,000 shares* (not sure how many shares have been issued/remain unissued in Cas) that £1m would be accurate.

It's only worth (or was worth) £8-10M if you sell it, that then makes you homeless. To build a new ground it will take double that, so really the ground (WR) is a red herring, although I take 100% what you are saying.
It's only worth the money if you aren't worried about Cas being homeless or you can share/rent a ground? In laymens terms.

In reality, though, an asset is part of a valuation. If you own 10 properties each worth £100,000 you don't say you're worth less do you?

The value of WR is now about £5m I believe. What the new ground costs is not relevant but I would guess that the delivery of a new stadium is taken into consideration too when the value of the club will significantly increase with a new facility. Equally, do the players have values that can be taken into consideration (realistically they can be sold).

I guess the true valuation of a club is its financial situation+assets minus debts. It probably is simple but I'm guessing to establish an accurate valuation there are a number of factors to take into consideration.

Really, WR or the ground is an asset the club needs to conduct its business. To sell it a replacement is needed for CT to continue to conduct said business.
The now £5M is small potatoes in order to build another owned stadium to replace WR, hence my point.
In this day of the sport business crossover an asset such as a ground is nothing but a red herring, it's only worth the money to someone who was happy to buy the club and leave you without an owned home, this trousering the money.
Nobody is going to come in pay top dollar for a club like Cas thinking "not to worry, I've got £X Million tied up in WR" as the replacement cost is way higher.
It's basic math's really and that's why I think it's a red herring, as it doesn't really exist.

Kinley, its "worth" is the total of all the clubs assets plus a bit of good will.
Some of the assetts have a tangible value and others a perceived value.
The origanal share value of £1 (or whatever it was) is only a nominal value.
Even with this in mind, you would still need a buyer who agrees with the valuation.

Absolutely wrencat, among its assets is WR not GH or anywhere else.
To realise it's value as £££, means either becoming homeless or a tenant, it's value as land for development of whatever type, can never be realised in relation to building a replacement ground as it is only a fraction of that needed to replace it.
SL "demands" that all grounds are upto date, therefore anyone coming in to replace RW cannot realistically be expected to pay for something that has no significant real value, i.e the ground in its present form will not permit CT to continue in SL and the land value is far less than its replacement cost.
Undoubtedly it has value, but like when you sell a car and need to replace it with a new one, you are usually left with a short fall, as will any investor in CT be.
The belief that WR can make CT worth more is IMO misleading, it exists bat has no real value in the situation/circumstances.
CT will only really benefit from its sale (if that ever happens) if they sell and then lease. I would suggest that would actually put them in a far stronger position, a RL club with £5M in the bank is rarer than a woman who understands the LBW rule.

Resigned.

Who towns, You or RW ?

Unfortunately, I'm at work in 2 hours, so not myself!

Based on what source?

Looking on Casforum there is a lot of cryptic messages going on. It could be any of the following:

A buy-out of his shares by another shareholder
A consortium bringing in investment but only if RW steps down
A total take-over of the club (this was suggested in League Weekly)

My guess is the second one.