Unfortunately tend to agree with Pickem. NTA was half a cent per share at FY10. If proceeds from sale of South Spur plus equity raise are included, NTA increases to 13cps. However GreenTrains (CXG's very dodgy financing vehicle) is carrying trains at well over market value ... I suspect writedowns of 30-40% are required, which means GT has no equity value, and will reduce CXG's real NTA back to ~6cps. And given historic cash flow issues, imo cannot buy this type of business at 3x NTA. A further risk is that the founder has a related party loan into GreenTrains as well, which I suspect will look very suspect post a writedown ... a prospective margin call? All too hard in my view.
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