future, page-7

Here is one simple way of looking at it.

Initially the SP is $2.50 when floated a few months ago.

If everything else except for the loan book is valued @ 140 mil, it translate into around 40c.

So the loan book originally was valued @ 2.5 - 0.4 = $1.70.

Of course, it's no longer worth that much because of the increase cost of finance, etc...but surely it's worth more than 25c/share as suggested by current SP???

This is less than 15% of its original value a few months ago. a loss of 75%. Really?

I don't know the actual calc, but I have a feeling that its NPV is more than 25c/share. RAMS can't put an exact value because it depends on the cost of financing, and the pricing of the very first issued since the credit crunch, 250mil of RMBS for example, hasn't even started.