Hi,
OK-yah, thoughtful post, thanks.
Personally I see value as value, and don't concern myself with trying to anticipate what "catalyst" there may or may not be to trigger a re-rating.
With Invox I just see very limited downside, unless of course things are worse than the company has told us, which is always a chance with any company.
The obvious catalyst, if you need one, is the reinstatement of the divi, which the company wants to do in the spring of 2006, depending on current trading.
Buying now should lock in a nice chunky dividend stream in the future.
Regards, Paul.