Ann: Completion of Share Consolidation , page-11

An independant expert has valued the business at between $24 & $34m thats $30 to $44 per share on an ongoing basis. an offer was made on the business during the Alinta restructure that barely covered debt.

The volumes that are being transacted are only very small so don't read too much into it. also remember that there are 3 major shareholders who now hold around 40% of the stock now, ie GPG, Coastal and Bronte. I suspect that there are more large holders.

If the party that was interested in buying the underlying business was still interested a price of $10 per share would still result in a good buy.

I suspect that we will not have clarity on this one until the BBI sale has been cleared and the remaining asset is clean.