New shares issued at 30c. Looks like NTA is around 28c however that includes around $20m in 'intangibles', mostly goodwill. If it wasn't for the new accounting laws, Cheviot would have to be charging a nice amortisation expense making profits look much worse.
Some things to like though; 8% div, PE Ratio - 9 at these prices, experienced management team and good backing - EQT, TCP and I believe Wilsons as well. Not too expensive and future all dependent on how they can increase wine sales! Pretty simple.
