Sorry, but I'm not sure what you don't agree with. I actually...

Sorry, but I'm not sure what you don't agree with. I actually think we're essentially on the same page.

To me, SLX is seriously under valued on it's U enrichment tech alone. From the comments made by a couple of Directors at the AGM in December I'm sure that the company itself agrees with this.

However, markets don't have to be rational and this is one stock that I believe the market is currently treating irrationally. The problem is, there are still huge volumes of shares out there that were purchased back in the sub $1 range and centainly well below current prices.

When SLX hit its intra-day high of $13.65 it was (IMO) clearly over valued. At the time however I did not take advantage of the situation and held all my stock.

Today we face a period of uncertainty - particularly in the US. Is the US going into recession? Is it already there? Look at CFC, or in Australia CNP. The market is partially driven by fear at the moment and so non-rock-solid stock is being driven backwards. SLX unfortunately has been caught up in this, I believe, because there are holders out there from the sub $1 and so range that see this as an opportunity to still take a profit. And the fact that they are linked now solely to GE and the GEH alliance is a problem as those companies are also caught up in the US uncertainty (Look at GE price falling toward 12 month lows).

Yes, the price is below "fair value" but holders can still book a profit. If the have levered stock then this is also a good way to reduce debt in an environment of rising interest rates.

In the long term I believe that holders will be very well rewarded by this stock. I think you believe the same. I just doubt that 2008 is the year for those rewards.

And you are only partially correct regarding your comments about nothing having changed since $10. Fundamentally the technologies that the company are working on (U and solar particularly)are more advanced. But the climate in which the stock trades is much less certain, interest rates have gone up and look set to continue up, the US is probably in a recession already and there is significant fear in the market. This is detrimental in the short term.

J.