Ultraframe..losses again and the company out of the frame.

I always keep a weather eye on shares as they hit a 52 week low.
So I had a bit of a look at the balance sheet here. My experience is that a company working in a fairly traditional field such as this is value when it is is trading 1/3rd below net assets.
This is riddled with intangibles which if you strip them out gives net assets of about £12m so applying my formula a mcap of £8m is where this is value.
So this time I think I am going to listen to my own advice and sell hard.
I would expect to see good support at 10p.