The share price won't move back up to or above the NTA until (a) TFL plugs the negative cash flow and (b) TFL is clearly moving towards a positive bottom line (NTA falls when losses are being made).
I think positive signs are emerging but it'll be a year or more before TFL contains its cost pressures effectively, fully shores up its margins, the recent new initiatives begin to mature and the company becomes profitable.
Meanwhile, comments from disgruntled shareholders made the AGM (I watched the webcast) a bit of a s***show. On the positive side, the recent increase in interest by the Ag Opportunities Fund (to 13.29%, including from its purchase of 10 million shares @ $0.02) suggest at least some confidence and continued support.
The share price won't move back up to or above the NTA until (a)...
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