I think the balance sheets for the past three years clearly...

I think the balance sheets for the past three years clearly demonstrate a company that is lucky to still be in existence and haven't changed my view that it will in fact cease to exist if nothing is done over the next few months.

I also realised that it might take very little money to accumulate the amount of shares required by the 'progressive shareholders' to vote out the current management.

If a more realistic management took over and executed the required rationalisation of the company it could be made profitable to a point that it could be sold to a realistic buyer for treble its current value or, if the current apparent insolvency couldn't be addressed it could be sold off for double its current value.

To make the company financially viable all that needs to be done is to cut its current overstaffing by 50% and to get rid of all of the current top two tiers of management reducing the wage bill by 70%.

A slight renegotiation of the Huawei contract would be necessary, but that would not be difficult to do, and getting rid of all of the non-direct customers would be essential. Agreement by Eftel's bank lenders would also be required.

All that could be done in less than 90 days.

Either way it seems like there is a possibility of making a handsome return on a relatively small amount of money.

If you were to be proved correct that this could be done for as little as 5 million shares then it would be worth further consideration but it would have to based on real numbers not guesses of course.

I would have guessed at a share acquisition in excess of 10 million shares - probably closer to 20 million.

It would depend on how the share price moved if an extended buying campaign was put in place.