Advanced Fluid Connections PLC

Good morning all.

Like many people I have lost a lot of money on this share, having foolishly not read the signs of danger when the price was still in the 20s. There was plenty of time to at least take some money out, but I simply never thought they would fall so far and I felt I was in for the long haul through all the ups and downs. Having held through the summer, I actually sold three quarters of my shares on results day in September in a panic that, with worsening figures, they could only go one way. As my luck would have it, the day after they went up on bid hopes and continued to do so! Because that was depressing for me I have over the last few weeks dribbled a bit more back in, being more confident of the future, but, again, this week, at the low point, I thought more bad news may be on the way and took almost all the money off the table again. Classic private investor mistake I suppose - sell at the bottom.

However, I'm no worse off at the moment than if I had held on to the shares in their entirety until now and I could simply buy back all the shares if I felt confident enough to do so. My question for anyone who knows the answer is: On the balance sheet of the recent results shareholders funds are shown as £28M. This is higher than the current market cap. If AFC were to get into real difficulties with borrowings etc and the trading situation worsen, leading to them going out of business, would the shareholders be entitled to all of the funds available to them as shown on the balance sheet or whatever they are at the time - say £20M looking at a considerably worse scenario. That would give shareholders back some money if the company were (hopefully not) to fold and, in fact, not much less than shareholders are worth now on paper. Although as I have said above, I have very little invested in the company at the moment (just a large loss as a reminder of them) I am in a position to put the same sum back, but just don't want to have a risk of losing the lot - I definitely would beat myself up about that! I do remain very interested in this company regardless of trying vainly to make a profit out of the shares, but is there a risk of them going under and shareholders getting next to nothing?

Sorry if this long note is unwelcome or uninteresting or the question is an unanswerable or silly one. There is so little discussion on this board now - understandably as most people are depressed with their falling investments, but it's nice to try and work things out sometimes and I just wonder whether anyone thinks they are under threat of losing all of their investment, or whether AFCs assets are a safeguard against them being worth much less than they currently are.

Whilst I'm on my soap box, I do hate the sort of childish backbiting on here and other boards sometimes - surely whatever anyone's position in this or any other share, it is unpleasant and unnecessary to either gloat or taunt. I don't post very often, but I'm not a newcomer - there are other infrequent posts from me on here.

Enjoy the weekend all.