port bouvard rights issue, page-5

Guys,

I am positive about FKP taking up their rights and I would have been disappointed if they had left the whole lot to go to their "non-associate" Sun Hung Kai.

The PBD net tangible asset backing is 1.9c after massive write-downs and there are signs of real estate picking up. I am also finding myself going into even smaller market cap type stocks like PBD as the rest of the market has moved up. We have seen FKP, APZ and VLW all rise over the last month or so.

I am the biggest buyer of PBD today. I am a little surprised to see such heavy sellers at 0.9c. I presume the sellers did not take up their rights at 1 cent and have given up the game here.

GPASAS