120120 Titon TON liquidation value worksheet

	B	C	D	E	F
1
2	Titon
3	Date:	20 Jan 2012
4	Capitalisation:	10,556	,000 ordinary shares
5	Price:	35.5	pence
6	Market Value:	£3,747	,000
7
8	BALANCE SHEET. 31 SEPTEMBER 2011 (£,000's)
9
10				Est'd liquidating value
11	Item		Book value	% of Bv	Amount
12	Cash and equivalents		2,864	100	2,864
13	Receivables		3,283	80	2,626
14	Inventories		2,593	50	1,297
15	Total current assets		8,740		6,787
16
17	Payables		2,623		2,623
18	Other		23		23
19	Current liabilities		2,646		2,646
20
21	Deferred tax		392		392
22	Non-current liabilities		392		392
23
24	Net current-asset value		5,702		3,749
25
26	Property		2,480	50	1,240
27	Plant and equipment		1,101	10	110
28	Total non current assets		3,581		1,350
29
30	Net assets		9,283		5,099
31
32				pence	(disc) or prem
33	Cash-asset value per share			27.1	31%
34	Estimated liquidation value per share			48.3	-27%
35	Net current-asset value per share			54.0	-34%
36	Tangible book value per share			87.9	-60%
37	Market price per share			35.5	0%
38