Ann: Commentary on 2016 full year results, page-78

The only thing thats in a death spiral is the share price. If we believe the auditors are doing their job properly , and the accounts provide a true picture, the company is in a upward spiral and cashed up for further acquisition and expansion in a growing market.

MC = a third of cash
MC = a fifth of nett assets
MC = 130% of NPAT
MC = 85% of NPAT before store refurb.
Accounting standards have required that all the retail store fittouts are written off. A lot of hidden value their.

Take out the Chinese factor and it would be a no brainer.

Hold Fold or be Bold.

Gamble Sensibly.