Ann: Preliminary Final Report , page-2

Interesting accumulation happening at 2cents. This gives me real confidence that something is on the cards.

A point worth noting on the financials is the $60M in retained losses.

This is in itself is worth 60 x 0.30(company tax rate) = $18M worth of value to a profitable company, as it is can be offset against further profit.

FER has a current market cap of $13M according to comsec.

Add the $2M cash on top of future tax offset benefit of $18M, gives a value of $20M, without taking into account the key personnel behind the company.

This is $20M value alone, is 53.8% higher than current market cap.

The above is based on the assumption of future profitability being achieved.

Is the above a fair assumption?

Maybe I should also join the accumulation club and add further FER to my kitty?