where to now.

The AUT cap raising that has diluted AUT without the current shareholders getting a chance to take up the offer is a blow to holders of AUT. Selling AUT for EKA has paid off again. My relative value now goes back to giving the value of EKA as 3.9 EKA to 1 AUT.

I justify this value partly on the loyalty that EKA has shown to its own shareholders and the disloyalty that AUT has shown theirs. Normally I would have taken todays price as a chance to buy back the AUT recently sold to increase me EKA. It is the loyalty factor that is the deciding factor. I can see EKA having a positive cash flow ahead of AUT. I can also see value in the possibility of an early takeover.

So, where to now?. Cash earnings will set the value if a takeover offer doesn't and that will give a good opportunity to exit at a good price at a good capital gains tax rate.

Today heralds as the end of my "swap" trading between these two.