Ann: Preliminary Final Report, page-8

Its hard to argue this stock hasn't been anything but an 100% absolute turd in the past ($2.4m corporate EBITDA overhead looking after business units that produce a combined EBITDA loss of $20k is never a good recipe for shareholder value creation), but to me it looks like the clean up work has been done over the past 12 months and RNE now should be able to attract a good acquisition based on the following:

• No Debt
• Only 120m shares
• Tiny $2.5m market cap (IAM now $7.7m before TH pending acquisition )
• Soon to have $3.2m cash
• Remediation work fully funded and provided for in accounts
• Much needed management cull taken place with just new CEO ($320k) and directors left
• 250m tax losses that could potentially be used in the new business acquisition
• Previous underperforming business units (and all associated liabilities and obligations gone)
• KPMG appointed back in June Qtr to advise on M&A

Past aside, the risk vs reward here looks good at current prices.

Good luck and DYOR