san fransisco, page-15

The Saville debt conversion to shares rate depends on the price on the market at close 26 Nov. If it is less than 12 cents the conversion of the $full debt is at 13.1 c and if the price is graeter than 12 the conversion is 14.5c.
Saville will end up with between 49 and 58% depending on how much debt is converted and at what rate.

The question of value is answered by E & Y. This firm has alot of liabilities that eats up most of the receivables mentioned earlier post. Net assets at 30 June were something like 12.5c.

So this is the only way forward for this company.

It will be most interesting to see the share price between now and Nov 26. If Saville is driving the price down to maximise conversion advantage then the price will drop. But I doubt seriously that is happening. the volumes are low and its just small investors trying to pick up quick plays that is driving this price fluctuation.

I do agree with earlier statement that once restructuring is out of the way, we can see more stable balance sheet and will see , coincidenatally of course, a series of good news announcements, and gradual rerating of the stock as confidence returns. but this will be slow.

I've been waiting for a time to buy, and it may be near.