Got no problem will selling an asset well above book value. It demonstrates the underlying true asset value of the business, and avoided a capital raising that would probably have been at a discount. FRM is getting into interesting territory in terms of valuation, especially given NTA of 40+ cents per share (mostly backed by property). Question is are they going to bleed cash for some time yet or are they able to turn this around? There's not a lot of positive news in the report. Everything seems to hinge on the success of the new "value add" strategy.
FRM Price at posting:
26.0¢ Sentiment: None Disclosure: Not Held
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