give up, page-13

I believe SOT share price should presently be in the 30-35 cent range (similar to IIN's EBITDA multiple), with future performance being determined by their results versus guidance. However to be in the 30-35 cent range, they will need to give some guidance on their dividend policy and gain greater exposure to the investment markets.

I fear that their lack of management access will prove a hurdle to broking houses commencing coverage and their lack of visibility will continue to place downward pressure on their SP. Even if they report good 1H 09 results, the market is unlikely to materially reprice their shares as they will still have no feel for the strategic intent of Teoh.