Ann: December 2009 Quarterly Report , page-25

Plenty of loan covenants have market cap clauses. However, I have no idea if NXS's does have such a clause.

Here is a rough estimate of NXS value, based on latest information

31 Dec cash position $45m
31 Dec debt position ($296m)
Longtom $310m

Sub total of above is $59m or 6 cents per share.

Not sure if I would put a value on ES given shell are withdrawing. Any alternative views on this?

As for Crux - $1.3b (Mitsui value) @ 85% = $1,105m or $1.15 per share. Even at 33% of that value gives 38 cents per share. Adding this 38c to the 6 cents above give a base valuation of 44 cents per share.