Ann: Appendix 4E Final Report, page-6

Yes by definition NTA will have no intangible asset. If you are paying the price of NTA (or even at a discount) then it is in significant value. It is nice to note CCF is now at least cash flow positive after the difficult years so better times ahead. The majority of the land in WA are most likely owned by a few families so the director may belong to one these families - and this could mean that the money for the shares are really just left hand going to the right hand. But it is still reassuring that the director has the integrity of paying the asset price rather than on market purchase. I may look into buying it when opportunity arises.