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Non-Tech : HIDDEN VALUE STOCKS

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To: baystock who wrote (30)	7/2/2001 1:09:05 AM
From: peter michaelson	Read Replies (1) of 47

cw.com Ram: You caught my interest with this one so I've started looking into it. On the surface, it looks like as of March 31, 2001 CWP had about 7 billion pounds of cash and short term investments, reduceable for calculation purposes by about 3 billion pounds. There were about 3 billion shares outstanding, leaving very roughly one pound per share in net cash. One ADR is equivalent to 3 UK shares, so that's 3 pounds or $5 per ADR of net cash. I think that is what I see there, and would appreciate any corrections. Peter

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