valuation of pts shareholdings, page-2

Hi MAP

My spreadsheet shows:

PTS assets = $22.21M (using current investment shareprices)
PTS market cap at 21c = $19.8M (fully diluted)

I've given NO value for the 2M CHZ options since SP is around theexercise price. Also given NO value for the 20+ joint ventures they have (which are fully funded by other parties!).

Funnily enough my spreadsheet also has Minotaur (MEP) which shows a market cap of $37M versus assets of $43M.

I don't hold any MEP though ...prefer PTS.

Cdchi1