net asset backing - 69 cents, page-4

Great result for SIP.

I was hoping for at least 18 cents ff div but 15 cents will do. There is the prospect of more special div's over the next couple of years as the receivables book is brought into line.

The new management look to be doing a good job with a clean balance sheet and back to basics in growing the distribution business. If management can get its margins over 5% your looking at a cash cow. This is what Orbis thinks is more than achievable.

The fact that a bank is providing a $200 million dollar credit facility is another ringing endorsement of Sigma, its management and its prospects.

The sp goes ex div on Tuesday. It will be interesting to see where we trade at then. At 30 cents we will have a market cap of $360 mil. Too cheap !