4 November 2011 – tender offer
A tender offer which will allow shareholders to sell one sixth of their holding at 63p per share has been announced. Clearly this is a huge premium to the current share price and the opportunity to participate should be taken.
Looking ahead, the company is set to move back into profitability next year. Despite the early spike in the share price, which has risen by over 50%, this still represents a significant discount to the net asset value. BUY.