agree BM a lot is factored in. But from personal experience, the problem with debt loaded "asset" backed stories , is that the downside to Net Asset values tends to be magnified, particularly when the CF profile is so poor. If my NTA is right, implies ~$180m in Net Debt vs Equity of $90m. The banks will not accept this level of leverage, especially with CFs remaining so poor. They will demand another cap raise, which clearly will be heavily dilutionary at current prices.
Ann: Wellard to sell M/V Ocean Outback for A$34.9M, page-12
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