fallen like a stone, page-7

I've commented on this before.

I make net assets 1.70, and even if you wrote them down by 50% the current sp is only a fraction of what the business could theoretically be broken up for.

So a bit of a Ben Graham situation.

The trouble would be finding buyers.

I think we're seeing forced selling, either through margin calls or because BEC has dropped out of the index and index funds need to get out.

The AGM is coming up very shortly, where we may get a better feeling for the worth.

Also the dividend is payable at the end of the month which will be a test of the cash position.