Bought a few of these at 95/97p after research following positive comments at recent AGM. Would not normally go anywhere near a packaging business (particularly one losing money) but believe this worth a punt. Family controlled business in Chesterfield, been around for many years. Manufacture paperboard and plastic packaging for a range of blue chip clients.Paperboard still in UK, plastic gradually going to new plant in Poland, which is expected to move into profit this year. Disruptions caused by move, integration of additonal unit at Stanton Hill and loss of a major customer meant pretax loss in 2006 of 1.2M. Industry remains very competitive, but they have good relationships with longstanding blue chip clients. Chairman's comments suggest that although still early days, 2007 should see a return to modest profitability and dividend maintained a sign of confidence - yield over 4%.So what excites me about it?

Balance sheet shows net assets (no intangibles) of just under 21M, of which Freeholds 11.4M and Pension Fund just over 5M - yes, a Pension Fund in surplus! Its performance contributed over 1M in 2006.They have been paying contributions into an escrow account and unless some major catastrophe then those contributions of around 1M likely to come back to the company in 2008. Freeholds mostly at 2003 "existing use" valuation, but since then two substantial pieces have obtained enhanced planning permission. The largest of these (Walton Works) is shown in the Local Plan as planned for development between 2005 and 2011 for 150 units. Don't know what that makes the land worth, but certain to be a lot more than book value. Market cap of RBN only 14M and debt just under 7M. Looking at it reminded me of LTHM in 2004 (family controlled, long track record,large hidden reserve in freeholds, decent dividend) and that one has been superb. Don't expect quite such good result from this one (land not in London, question mark over basic trading) but hope it will pay its way over next couple of years. Illiquid, so large spread another drawback, but IMO could reward the patient. Always DYOR

Robinson featured in our weekly round-up of announcements from AIM, see more at http://tinyurl.com/proj74c