Have never focused on Askaf in all honesty. Given that noone had really ascribed a value to Lebthenia until recently due to the lack of a BFS I suspect that Askaf will be viewed as a side show as well. Funnily enough, whilst a full take over of SPH would suit my P&L short term I would much prefer that the company just got back to what they appear quite good at - discovering and producing - as this would deliver us all a far better return in the long term. How they get around the financing requirements (in these markets) without us all being diluted to within an inch of our lives is however beyond me. Given the family's previous involvement with Mauritania (Alex's Dad was the driving force behind Hardman) I am confident that they have the right Country connections. I am just worried that none of the data room entrants have broken ranks yet and stepped up to the mark. The valuations (anywhere sub $2) are compelling - so what is concerning people? Country risk - probably. Lack of FX loans for PRC companies - they have to stand in line to get $ unless they are state owned companies. That last point could explain the delay - can take many months for approval - could be close to the mark. Given that I paid up to $3.40 for stock within the last 2 years I suspect that I should buy some more stock today - so saying I did buy some of Soros's stock off of him in the low $0.20s.
Robbo
SPH Price at posting:
96.5¢ Sentiment: Buy Disclosure: Held
