like watching a slow motion train wreck, page-9

Froddy

Net asset position has little to do with actual share price.

If these guys take a big hit to goodwill, the market will smash them again and may overshoot. Another poor half may require goodwill be be looked at. I don't know anything beyond what is in the market, but when you consider the macro environment generally, I reckon it is a better than even money bet.

Listen to last preso they put out on BRR. I didn't get a lot of confidence in the run thru of the slides by the CEO ( who has now resigned ) and when the CFO was asked a direct question about revenue from Osprey, answer that was given would have made a politician blush. This village was to open in just a few weeks and commercial terms do not appear to have been finalised - plus no one knows what sort of debt amortisation will be required on the facility - so what will cash-flow look like going forward ?

Debt will be a fair amount higher than a net $40m at 30/6 - a fair build of trade creditors at 31/12 would relate to the osprey build ( if you look at debtor / creditor position at 31/12 you will know what I mean )

Trying to pick up a few shorts again - no luck as yet

Baraka