trading, page-62

I've been buying REH to participate in the CWE move.

It seems completely ludicrous to have REH valued at £1m on the UK market when it owns close to 10% of $80m CWE and in addition to that you get access to 110 MW of wind farm projects which looks to be worth about c.£20m in it's own right.

There are UK broker notes valuing REH at 40-75p and Directors bought shares at 24-60p

I think one proposal mooted previously was that REH shareholders would get an in-specie distribution of CWE shares with 1.5 CWE shares for each 1 REH

So you could for 2.5p (current REH price) get 1.5 lots of CWE or 9c worth of CWE stock when the exchange rate would imply you should only get about 4c worth of CWE stock for 2.5p. In other words buying REH now is like paying 2-3c for CWE stock rather than 6c.