Alan, I think both represent terrible Value. Don't mix yourself up with comparing value to risk/reward.
ALF010 have less risk, but if the risk scale was 0 -10, the risk of ALF is a 9.5 and the risk to ALF010 is a 9. Buying either of these assets has a lot of risk for the potential gain.
Current buyers in ALF010 are paying 41 cents to get a $1 return, as ALF is higher risk, buying today at 2.6 cents you are expecting at least 150% of the ALF010 holders are expecting, so a share price of at least 6.5 cents.
You could get the same return betting on both the Sydney FC (20.5 cents) and the Victory (20.5 cents) to win the A league...