Solution 6 - Whats the story, page-4

I reckon net asset value is this:

shares on issue will increase to 250million after novient is completed.

cash as at june 30 2002 = 39 million (company announcement recently)

Say they sell IT business for 20 million

Remaining business forecast to generate 18 million EBITDA for 2003 so we will give it a value of 100 million.

This gives a total of approx 159 million in value. Total liabilities stand at approx 60 million(most of this is provisions for deferred revenue. SOH has no interest bearing borrowings).

This leaves around 100 million in value split up amoungst 250 million shares which = 40 cents per share by my calcs also. Anyone agree or disagree?

skippa