Ann: Trading Halt , page-18

The company (assuming the banks are on board) is worth 14 cents per share. That takes into account a conservative value of the intangibles and all the liabilities (per the annual report).

The business has been imparing its goodwill each reporting period and now reflects the current state of play. Therefore assuming we don't have teh banks knocking the starting point is 14 cents give or take a few cents.

If the banks crack the sh^t5, and call on their debt, we have big problems. We would then be an overly eager sellers and would be happy to take a hell of a lot less than 14 cents. (see what happened to Beaconsfield mining BCD)

Therefore, for an eager seller (which I assume ISF are), they would probably take anything more than zero.

If they are in no rush then offers around the tangible asset base would be the mark (assuming we have a buyer).

Ideally, if we have two buyers keen to get control, say CSC and Energix, happy days. If this is the case, then it would push the price above tangible value as they would want to pay a premium to ensure they get control of the NHS deal.

Its great to throw around numbers however no one has any idea. If the banks have pulled the plug, we will get nothing.

Sentiment: Nervous as all hell
Disclosure: Fetal Position