22 cents

It appears the market is assigning a low probability of the offer being completed at 35 cents.

The price appears to be on a par with the pre-offer market.

MES is forecasting 5.8 - 7 million for 2011. The forecasts appear to include provisions for everything including bad debts, weakening chinese credit markets, electricity shortages ....

In my opinion there must be some extra motivation for Shen to provide an ultra conservative profit forecast.

A 2011 PE of between 4 and 5 leaves me thing that the price is beyond ridiculous. But then so is every other stock.

A 60% return awaits those that have some optimism.