at 85c, it is trading exactly on its asset-backing (after...

at 85c, it is trading exactly on its asset-backing (after re-valuing IQE and allowing for the dividend to be paid).

The net assets don't include any value for the funds management operations (although with FUM of only $70m not really too much value here yet)

It could be argued that AWN should be trading at a premium to assets, to account for the Kevin Chin deal-making capacity - although the market probably needs to see more of a track record here, particularly after the IQE episode.

Still, IQE looks pretty cheap, so AWN is leveraged to any bounce-back here, so you would think down side for AWN from this share price is now limited, except if IQE blows up again.

As always, ultimately it is a punt on Kevin Chin doing some more impressive deals