If there is to be a write back against book value, it will very...

If there is to be a write back against book value, it will very definitely be in the major asset being WIP and expenses incurred and capitalised against incomplete cases. That said it’s hard to see a write off of greater than 20%.
Look, our chances of getting to 5% are 50/50 and our chances of forcing a liquidation are zero.
Its better we ‘push the pimple’ on future use of surplus cash.
As it stands, SHJ is like a tornado with all the increases in BV (eps per share less dividends paid) caught in the ever swirling vortex. But there’s an additional 81c in undistributed profits in there which has been invested by the board but which the market thinks is worth JACK,
We’ ve just got to get some resolution on when this will be repaid.
A buy back will underpin the SP, but crimp daily trading liquidity. Plus it’s only a paper reward for shareholders.
Better we get a capital return per share rather than a dividend where we don’t have franking credits.
I’ve spent some time examining SHJ since listing @ $1 in 2013 and now worth less than 95c. Over this same time, the XAO has appreciated by 39%
Sure we’ve received around 3.5c in divs each year - hardly brilliant. I checked the yield on a 2014 10 year Aussie bond @ 4.15%.
So, we haven’t even been rewarded for the risk involved. I think investing in Australia as a nation offers greater investment security than SHJ.
As retail investors we have been offered the rough end of the pineapple and directors should be ashamed.
The scenario is worse when you factor in the loss of purchasing power over this time frame due to inflation.