Ann: Leadership, Trading & Governance Update, page-16

"Meanwhile TRS still has 23m in the bank, as well as a supply chain servicing over 300 stores with $115m in inventory. Market cap is $60m."

Be careful about that cash in the bank assumption: that $23m was @31 Dec 2018 balance date, after the seasonally strong cash flow half for TRS. June halves are typically cash-flow negative for TRS.

So, based on today's updated guidance, OCF this half will be around minus $4m. Capex will be around $5m or $6m, I expect, and the company will have payed around $2.9m for the 10c dividend declared with the interim result.

So this means that the net cash position at financial year-end will be closer to $10m.

And as for the seemingly significant level of inventory, I wouldn't vouch for that inventory all able to be liquidated at carrying value. Besides, if that were the case, it would be dwarfed by the near $300m in lease liabilities that sit with those 300-plus stores (in fact, a lot of those stores, probably as many as 100 of them, I'd guess, are actually liabilities for the company at the moment... those that are not loss-making, then certainly not generating a return above the company's cost of capital).