~ World Television Group plc ~

TOM, I think you'll find I said a P/E of 15, not 10. The P/E the company commands will be based on its prospective earnings growth. There are no absolutes in this game, but 15 sounds like a good starting point, especially in light of the company's more recent financial performance. They will certainly need a few more of those AUD 96K Bristol Myers Squibb deals to achieve the turnover which will produce the PBT of £4m I mentioned. Anyway, this is all rather academic while the company is making losses.

Alex