now for a valuation reminder, page-6

Sushi

The market is rarely "right" at any given particular time.

The market both overshoots on both the upside and downside on a regular basis, usually in the absence of information or based on "sentiment".

The absence of information, while frustrating for some, is just a reflection of the transactional void that AZZ is currently in - that is, cashed up and looking closely at opportunities, but not having signed their name to anything just yet.

Then, as new information comes to light and/or there is a change of sentiment, the market reviews the information and then re-adjusts itself either up or down as the case may be.

I think AZZ is a classic case of an overshoot on the downside. The market (IMHO) has got it wrong (in the short-term), both on a cash/asset valuation as well as on a sentiment and future growth basis and once further information comes to light, I am confident it will re-evaluate then adjust AZZ share's price (upward) accordingly.

As I have previously said in past posts, there is a signficant incentive (both financial and reputational) for James and his team to locate and then bring a high class asset into AZZ and make AZZ work and they will be working hard to achieve their now publicly stated aim of $1 before Xmas, 2011.

Given he took AZZ from 8 cents (I think it was) to over 80 cents (which was probably an overshoot on the upside) I think he has the corporate experience to take it from 37 cents (an undershoot on the downside) to $1 - IMHO.

Whether he does or not will remain to be seen, but I for one will be sitting tight, wait for the information and then hoped for change of sentiment and enjoy the ride.