interesting, page-9

simob.

yes wt dont hold 18.4% of ODN anymore we now own 17.64% but keep in mind the increase in paid up capital due to the placement which largely offsets dilution.

most spec stocks are invested at risk premium based on what they could be, its just the nature of the game and the industry.

remember this company was floated for a purpose aside from VPE which will after rerating maintaiin a value.

also the market will over time allocate a small premium to ODN as a takeover target for VPE.

a lot of shares are valued higher than there net asset backing because of their future potentiel and expectations from the market.

you seem to have a very hollistic investment approach but even so we can both agree that considering the shareprice ODN is still significantly undervalued.

like you said this share should be a minimum of 15.4c based on net asset backing alone. ceteris paribus of course