I am very pleased so far with the actions of the company and...

I am very pleased so far with the actions of the company and performance since the capital raising. I posted back in October that Photon had great brands and that I was really impressed with the new CEO. The most important thing was for him to stabilise the company maintain earnings and pay down debts and that if suvival became more certain then the stock would show up as seriously undervalued

Since then:
(1) The trading update indicated that revenue and EBIT were in line with last year - in my view a great result given the uncertainty around the company during this period.
(2) The recent sale announcement at what looks to me to be a reasonable price. Not a stellar result but not fire sale either - this has taken out a chunk of the debt.
(3) The rationalisation of brands and associated re engineering actions have the company starting to look like a real company rather than a hodge podge of brands with a bloated holding company run by ad men but not businessmen.

This stock is still risky - debt levels remain high. However despite the recent rises in the share price I think the price you can buy the stock for more than makes up for this risk. Essentially this is a turn around story with all the right ingrediants.