Herewith my back of a matchbox calc: Prior to the current rights offer and the imminent placing of shares with Shoden, FRT had 258.2m shares in issue. Subsequent to the R20m offer and the conversion of the R29m loan facility from Shoden into equity at 3cps, issued shares will increase to 1,891.54m. Based on the F08 income statement with revenues of R1bn and an opm of 4.6% and allowing for the new capital structure, FRT's earning power comes to between R30m and R40m - equivalent to HEPS of between 1.5 and 2cps. Based on a PE of 8x, the share could thus recover to between 12 and 16cps, 1-year out. Whether this compensates for the financial risk and given many other lowly valued smallcaps without the same operational risks, is an open question.