recovery

At the AGM at the end of November our SP was ~8c. We have risen 130% since then to 19c. Can't complain about the SP.

Now that we're rid of the Japanese assets, we should be break even or marginally profitable. I am guessing the profit will be $0-4m for the calendar year 2011.

Our profit is not significant enough for the SP to reflect profit. The SP will likely continue to reflect NTA... Although we may draw closer to NTA as we surpass break even (which we should be now).

My prediction for the next 12 months is a SP closer to 25c. Far less upside than the previous 6 months (130%), but still significant potential (30%).

My rating is HOLD rather than BUY though, since the SP could fall back again since the meteoric rise seemed to be due to a single big buyer... If the demand stops, the SP could fall again.

Congratulations to holders, we're better off now than we were at the AGM. As for me, I've sold roughly half of my holding and will keep the others at least until they are ex-CGT.