I find this para. particularly intriguing.

In last year's Annual Report we noted that our shares were trading at closeto the Company's book value, and that our goal was to have Rubicon trading atsubstantially above the asset values recorded in our annual financialstatements. We have made considerable progress towards this objective in theyear, with Rubicon shares ending the period trading at a 24% premium to ourhistoric cost book values - a clear statement of the faith that ourshareholders now have in Rubicon's future prospects.

Why the mention of historic values here? Shouldn't it be current book values that matter? Therefore is the current 24% premium of historic values at a discount to even greater premium to current bok values?

They have to reveal all in their accounts sometime next month when it comes to the valuation of Arborgen. I expect the current price will be a discount to the current book value. Technically the charts seem to be supporting such a theory. Watch for a break out in about a month or so.

Lets not forget that the NY fund 3rd Avenue see fit to buy it up big in the last quarter. Not to mention GPG or Perry. Hang on to your hats when it comes.