Based on the following I would have thought FEA to be excellent...

Based on the following I would have thought FEA to be excellent buying at current levels.


- All business units producing a profit for 2004
- Revenue from ordinary activities up by 53%
- Net Tangible Assets per share of 37c against a share price of 22 ( take over target ?? )
- $5.9 million cash at bank as at June 30 with a further $5.8 million coming in from the securitisation of part of FEA's loan book since the year end = $ 11.7 million in cash.
- A further $ 5 million due to be recognised in 2004 from FEA's public woodlot offering.

I can't see any reason for the stock to be lounging at current levels ? Opinions ??

Dazzler