holding, page-5

penong
whilst some of your figures are better done than mine ( for e.g. worked values of associates and subsidiaries by looking at contribution to profit and not market value, and your cash figure is more likely to be right than mine ) i was trying to come to a value if you somehow cancel the brickwork shareholing in sol

you then have shares on issue of 140 million rather than 240 million which makes upside potential a bit more

my "valuation" of the brickworks was what was left after you cancel out the sol shareholding


errors likely to be plenty!!