pick for 2004, page-6

well... post the 6:5 rights issues at 16c the nta was valued by the company at 20c approx(implies approx 12-13m)
at 20.5c with the new shares on issue post the rights mkt cap = 12-13.5m
stokes has forked out$25m for a 60%holding
so very approx 13+25=28/167m (total no shares)
=17c
still possibly good value when u look at the upside and the company's stated policy on switching back to paying dividends @ some point in the future