AGO up 40%, page-15

They have already sold businesses at above book value so the repoted NTA is under-stated not over-stated assuming asset values are about right.

Their depreciaition is$44M plus they already had the impairment in the last period so we can have some confidence in the remaining value of the stated assets.

You are correct in stating that assets on the balsnce sheet are hard for the investor to interpret - from past experience the most accurate time to make an interpretation (and possible investment) is after the bad news is fully out and the restructuring and impairments have been recognised.

I hope to look back in 5 years time and think my 21cent shares were a cheap buy. Even if the shares only recover to NTA I would be very happy and if they reach a more normal 2x NTA I would be ecstatic. Free cash flow will be the key and I eagerly await upcoming reports.

good luck to all - I am sure it will be a wild ride with both large ups and downs along the journey.