lunch with paul atherley, page-5

good on ya dist

I like this part



"There are two outcomes here. In a year’s time this is a duster and Leyshon still has c £28 million of cash (i.e. it trade at a tiny discount to net cash). Or this is commercial in which case Leyshon has an asset which would have a material tangible value plus a cash position that is greater than the market cap. It strikes me that on a risk/reward basis, with the miserly Atherley hoarding the cash as if it was his own (as such a large shareholder he seems to feel that way), this looks like a very good bet. A few more buybacks at a 15% discount to net cash and the maths looks even better under either scenario."