Once again I look at another boring stock / good business to find out that Angus and Coote does not seem to be what it once was.

Again I posted my rough fundamental analysis http://sog.shopinthemall.com/2007/01...dings-limited/
and was wondering if anyone of you is into this stock at all?

I liked it initially because it was long established traditional, still almost family owned business but looking closely I can see that the book value has been declining in last 3 years. On top of that the company seemed to take on a fair bit of debt in last FY and actually made a loss in that same FY (first loss in at least a decade).

Typically this would perhaps be an opportunity to snatch it at a bargain but with the mounting debts and not making any profits I don't think its the case now.

And latest developments? Takeover by Pasco aka Prouds Jewellers for $6.40 cash. Obviously Pasco is long time industry veteran so he knows better than others but $6.40?
In the meantime as the share is around 6.30-6.35 last few days this could perhaps present an arbitrage oportunity??