real asset backing $0.74, share price $0.40

Here's a stock to look into for capital gains over the next 12 mths.

Property asset backing is 74 cents - all of it property (refer 2003 financials). Share price around 40 cents. Why?

The trustee for AHO wants to realise the full potential of the ppty by undertaking development. The leasee, Peppers Leisure Limited, wants to stop this and is taking legal action to this effect.

In short, the sentiment is very negative. Doesn't change the fact that assets are there and should be realised sooner or later. Once litigation is over yield might be close to 10% at current prices.

There is always the possibility that some party might see the opportunity to attempt a take over at sub-asset value prices too.

How does that sound for risk-reward opportunity?

MJS