some thoughts

Concerns over the impact of the price of oil and the lack of news about the EFS sale has undoubtably dragged the share price down.

What is interesting is that this stock has some very unique possibilities going forward.

The management has always said that their aim was for the EFS sale to be concluded by end of June. Both the company and RBS Morgans have suggested that the best option would be a friendly takeover which provides the best cash option back to the shareholders and of course the directors.

If you conclude that this is the best option particularly from a tax perspective then the natural step is timing of the sale. Why would the company and for that matter shareholders want the sale to go ahead in June when less than 10 days from now your tax bill moves out for 12 months?

So then a sale will happen after June end date but to stop the tax office from claiming that the sale timing is rigged nothing can be said until after June 30, the company cannot say hey the company has completed a deal we're just waiting for next year.

Combine this with circumstantial evidence of cleaning up the director options, directors looking at new positions, analyst valuations at 1 cent below price required to exercise 6 million options and there is a case for suggesting that the current price could be one of the bargains of the year.

Time will show all