let's get back to fundamentals, page-3

GPASAS,
I think this is useful. The net assets look impressive.

If the net assets of $91m were cash or stock I would be tempted to buy now as the company with the company valued by the market at $32m. This would mean one could buy the company close it down and triple ones money.

Unfortunately I suspect the net assets aren't stock,cash or anything realisable. Probably they are largely accountant's 'dreamings'; Good will and Solvay plant assets.

I look at the value of the company two ways; firstly when it pays a dividend what will it yield, secondly what will it be worth in a wind up.

It is in the wind up that the net assets are important. In this case goodwill may be meaningless and plant improvements are their scrap value. From this must be deducted the site remediation costs and redundancies which I don't think have been treated as an accrual.

bacci