glass half full, page-4

Jackie you use the asset book valuation and I see little logic in this.

By the time successive chairs, and PWC have stuffed around with the numbers the value will be the price someone is prepared to pay for them (or what they will realise in time but unfortunately many of us won't see that ex NXS) not the book value.
Crux is in the books at COST 300M less impairments of $100M for goodness knows what.
Longtom is more befuddled but cost was $480M with amortisation $100M to date less whatever else.
Tax should be a net benefit of $114M - PWC hoodwinked half a million in fees to tell them to make a $100M change to this. They seem to have spent most of their time getting asset value reduced for tax and now that becomes the accepted value - go figure.
The Shell implied value of CRUX was $580M.
It is still not hard to see NXS assets of $1Bn in an organisation with the ability and time to realise them...

A NXS director has a difficult task to determine a reasonable offer with the price of gas and oil way above the price in business cases and still creeping up