"If you add up the total value of SOL's individual holdings it...

"If you add up the total value of SOL's individual holdings it is still well above it market cap (even after the TPM sell off)." This is correct although the crash in TPM has been a massive hit. But what needs to be considered is:

1) If SOL start to dispose shares in one of their main assets it has to notify the ASX and this (imo) will trigger further falls in asset being sold eg TPM which in turn will trigger further falls in SOL. i.e. a viscious circle.

2) SOL will have to pay CG tax on any profits made when selling its holdings. So need to value assets on an 'after tax' basis.

SOL a solid company by any measure.Its simply not worth what it was when TPM was above $12.50 a months ago. This morn's SP for TPM is $7.84 a drop of 37% in under 5 weeks!