Ann: Quarterly Activities Report, page-41

The market will decide what mc the coy deserves in light of the cash situation and suggestions of an acquisition.

Plenty of shells for everyone to analyse that are in a similar sort of position, GBX, PSF, ODY, DMG, SPI, BSM, VTX, SNV, the list goes on. I can tell you, several on that list are trading at or below cash backing and SNV has the closest cash position to DUO but don't look at that one. A couple on the list trade at a premium to cash but they are Midlemas shells, which for some reason always seem to attract a premium.