Based on 27.5c PTS shareprice, 20c EFE price, and WPG share price of $1.28 and their other investments (Chesser, Newport) they have, my calcs show:
Asset value: $17.6 million PTS market cap: $21.7 million
I have ascribed NIL value for the 5 million EFE options they also have, the 10 million or so EFE loyalty options they will get when the loyalty option issues comes around (i think its 1 option for every 2 shares held), and the 2 million Chesser options they have (though Chesser shareprice is quite loseto exercise price at moment).
So a paltry $4.1 million value given to their 20+ JVs they have going, all the stuff they haven't JVed yet and these out of the money options.
Which makes you realise just how stupidly undervalued it was when it dropped below 20c (though admittedly WPG was in the 90s at the time).
Cdchi1
PTS Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
