Even if you strip out intangibles and deferred tax assets, the...

Even if you strip out intangibles and deferred tax assets, the share price is below NAV.

There must be companies out there who would be happy to pay more than $40m for a national distribution business, with $280m sales. Remember, a lot of the heavy lifting work has been done to get the business back into profit.

I suspect that the Health Solutions business alone is worth the market cap, but management won’t split it out - maybe because it will show up losses elsewhere.

Unfortunately, even if there was a bid, I don’t think that this board of directors would take it.

Absent a bid or board changes, the shares will only start to motor when they look like making material profits. Based in the AGM statement, the overall outlook for this half seems positive.

I still think that to the right buyer at the right moment the shares could be worth 45c-60c.