Ok,so here are some calculations based on Pantheons closing...

Ok,so here are some calculations based on Pantheons closing price last night. Pantheon is currently up another 2% as I speak but won't be included in these calculations. I will do further calculations if and when Pantheon moves ahead.

Pantheon:
Shares on issue: 102,100,000
times 18.75 pence (last nights closing share price - Thursday)
= 19,143,750 million pounds market cap

Argo owns 6.86% of Pantheon
19,143,750 X 6.86%
= 1,313,261.25 million pounds

Converted to AUD(Australian dollars)using the current conversion rate.
= 1.98 million Australian dollars
So Argo's investment in Pantheon is currently worth approx $2 million Australian dollars

plus we would have at least $400,000 cash or more (correct me if I am wrong) and a market cap of approx 1.7 million at the moment showing the stock is still well and truly trading below net asset backing.

one word: BARGAIN!!