only just had a rough look
not a bad punt imo
$500k cash a bit low
presumably CR will be done at time of a new bio deal, ala IMU style
debt 1.5m not due until 2015
estimate of 1-2.5 PHP IPO price
at lower end of 1c, =8m to BPO
potential upside if bookbuilds to higher price, but discount that for the fact the shares will be subject to 1 year escrow
the biotech acquisition is the one with surprise potential as a lot of em are doing very well atm
Ann: Frontier Oil Corporation IPO Approval , page-3
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