remains a "value play" .....and also a "value trap" ........ the...

remains a "value play" .....and also a "value trap" ........

the issues facing the company are pretty much the same as 2-3 years ago:

1. potentially liability re pensions,
2. negative growth in core market
3. how to address growth in signage etc - with minimal access to capital
4. as you said JamW - it isn't likely to go bust, however, it isn't likely to generate suffiecent cashflows to both pay distrubitions to preff holders AND a divvy for ordinary holders .....
5. management obviously recognise ALL of this ......

so how do they "get a win-win" ........

1. agreed sale of the company (and the discussion of value of preff versus value of ordinary's)
2. fix the cap structure - and then the company could use capital to fund growth

it should be obvious to anyone that can count that:
1. the Preff's are NOT worth $100 !
2. no-one in their right mind would put additional capital into SRS until such time as the above is resolved ......

hence my "cheeky title" ....

as JamW said - it will remain so, until management actually make a decision inn the best inetersts of all classes of holders .....

rgds
Value_Hunter