I have just been reading the recent IMP Annual Report. I'm no...

I have just been reading the recent IMP Annual Report. I'm no accountant but it appears that Imperial's current price (1.5c) is pretty much covered by its asset backing of 5% equity in Bemax (BMX) which has a market cap of $360M (not forgetting about $5M IMP debt). If this is true, then the share price only reflects minimal value from recent and pending drilling of the Carolltown prospects. (Perhaps I'm too optimistic as future capital raisings are inevitable and need to be considered.)

Check out the numbers for yourself ... any further thoughts or flaws in my thinking???