... and that includes 81cps of pure cash, with another $1.62 out there in short term business loans.
Had a look at this one recently and didn't like to mention it, as somewhat suspicious of management motives - they're not the best communicators.
CLS has a history as CLF (Community Life) - a business that never did what they intended at float. Now it is a rag-tag bunch of business assets, including property, loan book, funds management, computer hardware sales and a small business specialising in marketing rewards programmes - i.e. a collection of whatever the directors feel like throwing spare cash at.
First half result looked a bit better than I expected, with a small profit result - mostly the result of asset sales, but good to see directors keeping a tight rein on costs. Both the Funds Management and Rewards businesses turned a small profit, despite having zero book value after previous write-downs. Also curious about intentions for the two new trading companies created.
The risk with asset plays on weak businesses is that the discount vanishes because the assets are used to keep the business alive. However, in this case, the discount is so large and the underlying costs kept tight enough that it could be worth a small punt (with patience!).
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