Ann: Christmas Creek Project, page-74

That is exactly correct ValueHunter you can talk until you are blue in the face about cashflows (which are very positive) low debt (which is the case) in other words the banks will not cause the downfall of this company and of course profits which this board of directors has managed to underperform again and again.

HOWEVER net asset backing of 26 cents per share as per latest audited accounts even allowing for a firesale of assets at say 50% value puts this stock at 15 cents.

It would be a optunistic bid but why not put a takeover bid in at say 10-12 cents when you make an immediate bolt on to your existing business which is cashflow positive and being bought at a 50% discount to the net asset value...that's called good business!