Last report stated that IMP holds around 45m BMX shares. They...

Last report stated that IMP holds around 45m BMX shares. They had $2.2m in net assets at end of CY04 of which they've probably spent $200k in the last 6 months based on previous expenditure. The BMX investment was carried at $6.5m in that report and is now worth $8m, which should put their net assets at $3.5m in their annual report. With almost 1b shares on issue this gives an asset backing of 3.5cps. I think BMX could be trading at 25c by the end of the year which would lift IMP's asset backing to 6.5cps so the shares might trade at 6-7c. That would be a nice gain from 4c right now.