Ann: Change of Director's Interest Notice, page-75

In the absence of fraud if the directors can't do better than 12 cents they should not be fund managers.

The cash is only a small part of it :-

Cash                                             $54m

Inventory and receivables            $38m

Liabilities                                     ($13m)

Property plant and equip.            $7.5

Shares in the factory company    $14M

Total                                             $ 105m   24 cents a share

Good will                                       ????

Jiameng's 90m shares at 24 cents = $21.6m for that we could give him the business including the property plant and equipment, the liabilities and all but $11m of the receivables. He gets the good will for nothing but we get rid of all the complications. Sweet.

While we were collecting the $11m of receivables we could sell the shares in HL hopefully for book value and end up with $80m and 348m shares.

We should be able to sell the listed company whose only asset would be $80m (23cents a share)worth of chinese cash  to someone for a lot more than 12 cents.