IMO there's little value left here tangibly or otherwise. Co is skirting close to insolvency and debt facilities left are, in my mind, the equivalent of what would have been the loss if they'd appointed receivers. What the banks have done is taken a punt as if the debt cannot be serviced, they are only back to where they would have been last year (ie a $50-60m loss). Any inching back towards confidence in mgt was smashed on 31/1 when App C was filed late, such an own goal and the SP has declined steadily since, now on cusp of breaching 20c looking at supply/demand at close.
