deal rejection, page-93

I have been reviewing the deal and see good upside implied in the share price.
As can be seen in the first column the implied value of the remaining Commercial
is 27 cps.
Using an annual NPAT of $30m for the remaining Commercial business and applying
a P/E of 6 and 8x (very modest) I get a value of 38cps and 48cps. If the market agrees then
the upside is between 11 and 26%.

But we cannot ignore the cash which is substantial at $78 million after the repayment
of the Prefs.

Applying a discount of 25% to the cash I derive a valuation of between $1.03 and $1.15.

Upside implied of between 26% and 40%.
Seems like a fair risk/reward at 82c.

So what will be interesting to see at the next report is the growth in cash and the growth in the underlying profit of the remaining Commercial business. If the results come anywhere near the rhetoric then 82 cents will look like a bargain.