Bek the next 10 Bagger

Anyone agree/disagree with the following.

Effective market cap at 4.75p = 2.45M

The above is based on 51M shares. The 13M shares in the employees benefit trust are effectively treasury shares and shouldnt be used in working out market cap.

As at end Sept 2006 NAV was £8.2M. Once all policies have matured (shortly?) then BEK will be effectively a cash shell with no outstanding liabilities.

Add on cash burn to present date and current "cash" is about 15p

Cash burn from the ridiculous "business" they have going works out at 2.5p per annum. This should drop once all policies paid up Id hope.

So shares at 5p to buy. For that you effectively get 15p of cash, enormous tax losses (probably worthless?) and cash burn of about 2p per annum. So 2 years until cash will drop down to say 11p which is still more than double the current share price.

I see Gyllenahmmar and a couple of Value funds own over 20%. Surely Treuger, who owns about 30%, wont be allowed to piss the rest of the cash away. These shareholders will want to see value. Can we expect some kind of action once the remaining policies have matured??

Any thoughts?