I hadn't realised how close to going bankrupt they were. Now the financing details are known the dilution is not a dissater and shaerholders have the option to buy some sharesif they want at 20.75p. The company will be debt free and they have one property left to sell which should be done soon at about £800k. Expenses should fall and the profits should be reliable at about £2million. This will be on an undemanding rating and with some growth they should be worth closer to 40p in the next 2 years. The downside should be very limited from here and this is now a good risk/reward. also noone is following stock - with just a bit of interest this could get rerated in the next 6 months.
Any shareholders that want to buy at this level need to contact Ivor Barton (co sec) before 7th July.
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