NC,Good observations and agree in the most part.Based on my...

NC,
Good observations and agree in the most part.

Based on my experience with VDM I always assume,
- the counterparty to a VDM deal will come out best, regardless of circumstance.
- muppets not prudent decision makers till proven otherwise, based on performance

Back of the envelope valuations for cape.
(based on Pattersons figures)

100M of the $240M current order book is for Cape!
26M in net assets
FY12
EBITA 16M
EBIT 7M

Change around the numbers above for your own valuation.

A counterpary might offer say,
(EBIT * 3)$21m plus net asset value, $26m,
Total 47M

Essentially Cape is a creamy part of the VDM portfolio of work, carries an impressive client list with substantial assets.

Your value of say 40M plus sounds about right, just don't expect too much from these guys.

Not sure a closed deal is the best way to achieve maximum value either.

With cash from recent property sales and post cap raise they shouldn't accept low ball offers, IMO.
Mav