interesting development, page-4

All very interesting although even at 90c the offer for Astra seems low. By my quick calculations, from the half year accounts they hold:

Cash per Share: 73.5c per share

Loan to Taylor Rail: 9.5c per share

Oncard Holding (with Oncard at 11c): 27c per share

Total: $1.10 per share.


With the Bill to Bill acquisition AKR have demonstrated that they believe the value of Oncard is significantly higher than 11c.

I notice that Scanlon has been increasing his representation on the Oncard board in recent months, I am purely guessing but maybe they want to offload Oncard.