Just to add that on the two previous occasions when I bought this share I paid about this price ie 30p average.

Also, I recall having suggested to the chairman through the company’s broker some years ago that they should use some maybe most of the cash which is now earning next to nothing to buy in shares, this being beneficial to shareholders because it should increase eps and the share price. The broker agreed with me and said he would speak to David Fletcher. I think the company has powers to do so but has not exercised them.

In previous years, the company made some diversification which proved loss making, I doubt they will repeat the mistake.

Its nice to find someone else interested in the share, it would be good to know of any other stocks you may have come across with similar value characteristics. On that theme, I don’t expect Benjamin Graham would have been tempted by any of the small oil explorers but many of those are only valued by Mr Market at their cash on the balance sheet ie their other assets mainly exploration acreage are valued at zero or close to it eg Chariot Oil & Gas (CHAR) which is much followed on this bulletin board. The oil majors who farm in to such companies, when they do so, place value on such acreage hence they can look good value. Any thoughts?