45%....75%....30%...., page-37

Love your enthusiasm Gotta.

Nearly matches mine.

The asset backing is all pretty tangible now that the impaired trade mark intangible is earning $48k per annum through the lease agreement..

Don't forget we already have an operating bank facility of RMB 25m ($5m) which was drawn to $2m at 31st Dec.

I imagine the banks have blistered the factory with a charge to secure that lot so probably not a lot of head room in the $11.9m valuation.

You are right about mortgagee valuations and fire sales so its got to be worth at least that much.

I imagine the reason they didn't put the revaluation on the balance sheet would be to protect future profits from depreciation charges.

The Share Price is definitely way underwater based on the company's potential and its assets. The market doesn't put much value on either of those things which is why we can all do our own research and enrich our lives.