Safeland should be 50%+ higher. Oh I know it is not an exciting share but last reported nav was 94p and since then share buybacks and buoyant trading in the first half mean that it is now around 110p, this AIM sleeper's share price now 55.5p.

The sector trades around a 15% discount, but even if we give SAF a 20% discount, given last year's loss (now trading profitably) that would put it at 88p. It has a property portfolio worth 13.5 million and repayments outstanding of about 5.5 million, but net assets are nearly 20 million in total when including their Italian and other smaller divisions as well as some small investments. Even allowing for the fact that management are nowhere near as sharp as GSC's management for example, the shares are just way way too cheap. The 12 million of sundry investments (ie excluding the property ones) are in the price therefore for less than 2 million.

So the market cap is now under 10 million (after buybacks) and the nav is about 20 million.

PS I've bought 5000 so far. Just as a bonus the chart is on the verge of a multi-year breakout!

I have sold mine 8ball for a profit but before the announcement, which I have to confess I can't get my head round!
Where have these companies materialized from, are they cash shells, how much cash do they have, what will they be worth, do the funds come from SAF? Are they being floated.
It is all very bizarre and one of the fgreat maxims of investing is only to invest in what you understand. And this I do not, even though I have been around markets a while. Really glad they have come good for you though.
PS: I have even more GSC shares than ever!!