With NTA Dec 31st of $1.57 and a franking credit balance of $70m this is a sitting duck for a takeover imo. NTA likely over $1.60 now.
Pay a fat dividend to unleash that 70m franking credit balance (that's not included in NTA) and the suitor can get SVR for NTA while still offering a premium.
$1.57 NTA in Dec, less dividend paid 7c (small adjustment for DRP and buybacks), add after tax earnings for 3 months of a conservative say 11c and NTA is ~ $1.61 right now.
Management have to do something to justify their existence, EV ~$25m on a market cap of $350m and they are making $1m profit a week = Takeover target imo
SVR Price at posting:
$1.71 Sentiment: Buy Disclosure: Held
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