Accrol Group Holdings - Re: ACRL Stream Log - Perhaps someone is cooking a...

Perhaps someone is cooking a bid. To your earlier point, the company is a bargain if (and I appreciate a big if) you believe the worst is behind them. Net debt at the interims was £29.3m. Let's assume it will peak at £40m before the rot stops and cash flow inflects. Market cap, even after today's stellar rise, is just short of £20m. Say you lob in a bid of 25p, a generous premium to today's close and even more so when compared to the bottom, and more importantly something that will be just enough to save face for LT holders / allow board backing (given the outstanding risks). It goes without saying that this a slam dunk for the bottom feeders who have churned in since the final big drop. So let's assume £32m for the equity. That makes for a de facto Enterprise Value for our buyer of c. £72m or 0.5x 2017 sales /