hawsons: a game of chinese checkers., page-3

EB, u r right, a takeover would be the easy way out.

However, we have a fundamental problem with that and it is that we think shareholders do not have a realistic expectation as far as the value of the asset is concerned. I personally believe shareholders have been sold a dream and are far too optimistic about the quality of the asset and its present value. As you know, there is a whole page on the Annual report designated to the "3.2bn dollar asset". Its value is in fact precisely what the mkt values it now, which is at about 12mn for CAPs 60%. if someone comes in and spends 3bn dollars on it, it might be worth more, but right now its worth 12mn dollars. In short, we are not willing to pay what shareholders have been led to believe this company is worth. its as simple as that.

there are no plans to launch a takeover, there are no plans to do anything other expect Nick and co to deliver on all the promises that have been made. We are not a free call option for Nick and the board, nor for shareholders. Anyone who thinks we are will soon enough wake up to reality.