is this a bargin or what ??

At 31 December 2002 the net cash backing for each issued eStar share is $0.1032.
EST l/s was 5.3c

Now read announcement:

Company Announcement

Heads of Agreement with Gladstone Development Pty Ltd

ESTAR ONLINE TRADING LIMITED 2003-01-22 ASX-SIGNAL-G

HOMEX - Sydney

+++++++++++++++++++++++++
The directors of eStar Online Trading Limited ("eStar") announce that
the Company has entered into a Heads of Agreement with Gladstone
Development Pty Ltd to purchase all the shares in Development Support
Services Pty Ltd ("DSS"). Consideration will be in the form of cash
and shares in eStar. The purchase is conditional on the completion of
satisfactory due diligence by eStar management and the approval of
the purchase at a general meeting of eStar shareholders.

DSS has received a letter of intent from Aldoga Aluminium Smelter
Pty Ltd ("Aldoga") to provide, on an exclusive basis, accommodation,
catering and cleaning services for up to 1,500 site based staff while
Aldoga builds a 564,000 tonne aluminium smelter at Gladstone,
Queensland over the next three and a half years.

The Directors believe that this proposed investment provides an
excellent opportunity for improving the cash flow and asset value of
the company.

At 31 December 2002 the net cash backing for each issued eStar share
is $0.1032.