Walter: Good questions, this accounting stuff is more difficult for me to understand than the ONT business itself but you peaked my curiosity. I did a little searching and this is what I found.
Re. I am wondering why TXPO does not capitalize the major part of their research and development costs on their balance sheet, as this would show them a better bookvalue?
Apparently it appears that R&D is expensed differently here in the US. Accounting standards in the United States require the treatment of R&D as operating expenses. "The rationale for treating forcing firms to expense R&D seems to lie in the belief that the benefits are uncertain, and occur only when the research leads to a commercial product". "Consequently, it is argued that the asset created by research is not one that can be used by the firm to borrow money". http://pages.stern.nyu.edu/~adamodar/pdfiles/papers/R&D.pdf
My best guess would be that until TXP sells significant product, capitalizing R&D expenses doesn't make sense or they just can't capitalize it because of SFAS 2. I am sure you can interpret this PDF better than I, being a accountant.
Re. But surely the products that they developed should have a certain value (intangibles) which is not reflected in the books right now but which should be considered when issueing shares to the present shareholders in cae of a merger.
My guess would be that they do have a tangible value and that value would increase if and when the merger occurs. The sum of the parts being greater than the whole. TXP's initial development focused on outdoor and CIG's initial development focused on indoor combined make for a significant ONT portfolio and if the companies merge the combined R&D expense VS ONT sales is more realistic for capitalizing?
Re. Where did CIG develop their onts? and where are these development costs booked?
This one I feel a little more confident answering and would think that the ONTs were developed here in the US (Basking Ridge NJ) and Shanghai China. Where CIG is a private company at present I don't think that CIG's development costs information is in any public domain. http://www.ci-g.com/upload/CIG_Company_Brochure.pdf
I look forward to your opinion based on that PDF to see if my thinking is on the right track.
Re. Tenerife: Sounds like a great place to spend the holidays. The older I get the more appealing a warm climate becomes.