I was 1.5c off.

Not bad.

I've finally found the time to put in the last 2 years of operating numbers, so my analysis has been updated since the IPO materials were released. As a result, the cheap price has shifted up 50% to 19c. A 22% drop from today's price of 24c is required. I'm happy to wait, given they have a poor operating history in terms of OIROCE and negative on average OI growth:

Other issues include overpayment of executives and significant related party transactions where outside directors Lindh and White should have provided services as part of their role but were instead compensated extra for them.

It's all in my report.