stock offer, page-4

Looks like MVT want to wind up the company as it's trading below cash backing.

Bit risky though because GLL will have liabilities with respect to decomissioning the Glenaras pilot and I don't think they're going to be able to sell it. On top of that are the imminent legal stoushes between Malt the previous board.

So even though it might be trading below cash backing (just) at the moment, I'm not sure Ron will find 15c worth of cash backing by the time he goes to wind up the company.

Got to admire his audacity, though. 15% premium to last price is nowhere near the accepted WVAP +40%, but it might just succeed. Particularly if Malt can be persuaded to give up and sell their share, which they bought at 12c. That would be roughly $730k profit for the Malt boys by my rough calculation. Not bad for a couple of months' work.