Good question - whatever the best buyer is willing to pay....

Good question - whatever the best buyer is willing to pay. Depends on what they intend to do with it.

A. If this is viewed as merely a property play, work out the market value of the property assets, and divide that by the number of shares to get a share price. Anything under that price is almost a property arbritrage. Bargain.

B. If this is viewed more wholistically as an opportunity to snap up a good business in a temporary tough time, to then run the business better, SGR is undervalued by at least 60%, and the takeover price could be more than double current. Under that price is a bargain.

C. if this is viewed as an opportinity to integrate prime property assets as part of an already large property portfolio, perhaps create a casino monopoly, or merge with an existing international brand for long term growth, cross sell, then add a premium on top of "B" and the takeover price could be much higher again. Anything under that is a bargain and leaving upside on the table for the new owner.

Of the three paths, I prefer "C" as most likely, as that buyer would have the deep pockets and expertise to maximise asset values, and increase income.

In all 3 scenarios, the current share price is a bargain.

DYOR, NFA.

held and accumulating.