responce to asx query, page-2

Just had a read of the announcement and went back and read the last few announcements, maybe I am thick but was knockdown from 5.70 to 0.42 at its lowest on news that it isn't going to pay a dividend the biggest over reaction of the year?

even now it is a knock down of 76%

Just trying to pick holes in my own argument, so bear with me.

Lets assume they have a fire sale. All the non current liabilities become payable tomorrow and the current liability guys are already sitting in reception with large burly friends. According to the Annual Report after they have paid out all this debt they have net assets of $3.8 bn.

They have about 53 million options and 845 million normal securities so lets call it 898 million securities out there.

So their asset value per security is $4.20

I must have missed something.