What follows has nothing to do with the Intec production cash...

What follows has nothing to do with the Intec production cash flow. However, it may reassure those concerned about the failed JRV merger.

So far, INL have realised $164,642 profit on JRV shares and are sitting on paper gains of an extra $4 million.

Details :

On 23 Feb 2007 INL held

197,407,783 shares costing $2,462,999 ; cost 1.25c/share
This was 11.78% of JRV.

It also held
107,200,000 options (presumably free); convertible at 1c.

If converted, INL would have

304,607,783 shares costing $3,534,000 ; average 1.16c.
This would be 14.56% of JRV fully diluted.

(The above includes purchase of 50.3 million shares bought on 22 Feb at average a bit over 1.7c/share.)


By 26 Feb 2006 INL had sold

5,987,000 share for $239,480; return 4.0c/share.

This is a net profit (ignoring options) of $164,642.

At this stage it still held

191,420,783 shares @ 1.25c
107,200,000 options at nominal cost 1c.

It may have sold more since. Of so, the return will have been around 3c to 2.5c/share; a return of over 100% profit (again neglecting options).

Either way, the current valuation of all shares and options post 26 Feb is $7,466,019 on a cost base of $3,464,760 (including cost of converting options).

So INL are still holding a paper profit of $4.00 million, part of which may have been realised.