My take, page-55

I've been watching for coming up to a year now .

Initially the obstacle to pulling the trigger was management . They were finance people rather than businessmen and the whole thing seemed to be conceived as a vehicle with a pre-determined exit .

Nevertheless , the company has survived in spite of totally inexperienced management , their excessive remuneration packages and the over the top premises .

Still like the idea of fire retardants and phase change materials but one questions how profitable it is . Starting to look like a hard business to make money in .

May well take the plunge on the assumption they will within the next 12-18 months achieve profits which will fundamentally underpin the current SP and limit downside .

Some might view AJX worth holding on the oft chance that Alexicool or Alexiflam become the next Goretex . Once profits limit the downside , that becomes a fair punt .