IMO, there is more upside now than at any time before.
Guidence is due out this month, possibly, as was indicated losely in an email from denis to myself in the US last month.
Spinning out their core buisness to retain 20-35%, all they need to do is tread water, and let the new venture fund the fath forward.
So that is the question, can they tread water, until the daughter company can support the parent?
What are thier current residual debts they need to service??
That Guidence will be critical.
I must admit to having taken a punt on a few more at these levels, i think to upside on 20-35% of something decent will be deserving of greater than a penny rating.
