So you did strip out goodwill. My apologies. Looking at the...

So you did strip out goodwill. My apologies.

Looking at the latest accounts (HY Dec 17) there are a total of about $146m in inventories and receivables. But remember, there is a reason the business is earning such a low return on its NTA's. Selling inventory into an industry that is over supplied and in structural decline is difficult under normal circumstances. It is doubly difficult in a liquidation.

For instance, if receivables & inventories achieve 80% realisation rates, then NTA's reduce by close to 30% to about $77m. Then there are over $30m in operating lease obligations (which are not shown on the balance sheet).

Then there is the fact that in a liquidation new expenses (which are not shown anywhere in the accounts) can be expected to pop up - such as staff retrenchment costs etc.

So my point remains.