Ann: Trading Halt, page-10

Good analysis Jim,

Two follow-up observations can be made:

1. Your P/E multiples under various EBIT margin scenarios are calculated using the current share price of 13c. The question of whether or not shareholders should take up their rights at 11c - which is the essence of the thread - means that your multiples under the various scenarios need to be reduced by a factor of 11/13 (i.e., by 15%), which means that your cheap scenarios become even cheaper and on your doomsday scenario, of margins never improving, the multiple becomes around 9.3x

2. Either way, it strikes me that the stock is being priced - at the issue price of 11c - for nothing other than doom