When I look at ASH, I can't help but think that mgt would at...

When I look at ASH, I can't help but think that mgt would at least consider an MBO/privatisation at the current share price. If Ross Shrimpton teamed up with Viburnum (who together own 63% of the stock) and other key mgt, they could pay 35c a share (a 40% premium to current share price), and only need to raise $17m to fund the buyout of the remaining 37% of stock. Given ASH is currently ungeared, they should be able to gear ASH's balance sheet to fund a dividend (post the buyout) that would extinguish all external debt raised to fund the buyout. Below is the forecast leverage profile of ASH under my base case, and a downside case scenario, assuming the buyout is fully funded from debt raised on the ASH balance sheet. It is important to note that this assumes no new equity funding from RS or Viburnum. Accordingly, the leverage profile would improve if they were required to contribute some equity by the banks (given bankers are tightening their purse strings generally) although as you can see, even a fully debt funded buyout wouldn't stretch the balance sheet too far:
(Its also worth noting that I don't advocate an MBO as I still think ASH is worth 50c+, however the economics here look compelling for the majority owner).