Ann: MVT: MERCANTILE ON-MARKET T/O OFFER FOR RICHFIELD INTL. LTD, page-6

Fundamentally RIS has $12.7 mil in the bank with 62.9 mil shares and no debt.
So $12.7 mil divided by 62.9 mil shares gives 20.19c per share and the 20c per
share does not cover the cash alone without any added value for the business.

The business positive cashflow for the Sept Qtr was aboit $1.25 mil.
Since it is based in Singapore it will likley nat have any tax obligations.

Annualised, this should produce $6 mil profit or 6.4c/share

At a PE of 10 this should be 64 c/share SP, IMO..

The company has been remiss in not promoting itself to the market to
avoid market ubdervaluation and, consequently, this "Corporate Raider"
lowballed bid.

Mm