Ann: Placement and Pro-Rata Non-Renounceable Rights Offer, page-21

Sometimes markets are irrational and investors are too short sighted CNJ is but one example, TG1 another its cap is equal to its cash balance... I am not saying CNJ is a great company that has no historical management mistakes, however looking at it with fresh eyes post raise with a healthy balance sheet as opposed to now with 1.1qrt of cash cover are two different companies. If there was no value the directors would have allowed it to fold or buckled to GSR at a low price. That has now passed and I think with the revalued asset published it is worth holding.