priced for takeover, page-11

may I also add, last week i called Valad.

I called and left a voice mail with Laura. She called me back very quickly, i was surprised.

I was asking various questions.

The main purpose of my call was to obviously find out information regarding covenants of which she confirmed they have not breached, and also the uncertainty and lack of detail released to the marked re. D4E and other issues.

I then asked her quite specific questions re. earnings and other specific info, she offered to get one of the guys who deals with finance to call me back. Sure enough i received a call from Ben Prestley and we had a good chat.

There is no real need for me to specify and list all the questions as I was asking questions i knew they couldn't answer, eg progress of bank discussions and debt refinancing, specific valuations, and earnings details etc.

The only reason i asked these questions at all was to hear the way in which they were answered. their tone, phrasing, patience, willingness to to spend as much time on any subject without crossing the line and disclosing anything they are not allowed to. etc etc you get the idea.

IMO i viewed the phone call to be very positive. and am looking forward to the 25th.

when the results are released, i'm not expecting a huge bounce, as the markets price 12 months in advance and right now the market has no idea what thing will look like in 12 months so it just assumes the worst x10.

Look at SDG for example, NTA confirmed at just under $2 cash and earnings ok, SP trading at a 75% discount.