wont be this cheap for long - over sold imo

gla

prepare for the bounce.....

tick up

some poor sods having their stop losses triggered by mms - big order being filled

imo if you have a stop loss here cancel it - but up to you

from the other side:

I tend to agree. The business is still profitable and it generates cash. If you look at the balance sheet as at December 2010, net assets were 91m less goodwill of 44m and this extra write off of 25m leaves you with adjusted tangible net assets figure of 22m compared with the current market cap of 15m.

The article in the FT on Saturday is not very clear but my interpretation is that an exceptional charge was made against debtors in 2008 and that the net value of these debtors was caped at this amount. The way the ABI scheme works is that if debt is not settled within 30, 60 or 90 days - penalties are accrued and the value of debtors goes up. It maybe the case that these debtors have erroneously accrued penalties which would not have been realised. However my interpretation may be wrong.

Anyway they are where they are - given profitable cash generating business with prudent view of net assets in excess of market cap