Ann: Sale of Trident vessel , page-6

The half-year results announced on 25/2/11 claimed a "comprehensive review of balance sheet carrying values" and blamed the $111m loss on the write-down of asset values.

Less than 2 months later, they've sold Trident for about one-third less than what they thought it was worth AFTER they reviewed and wrote-down its value.

Either they've got terrible valuers, or they picked a value they knew was overly generous to prop up the balance sheet while getting the cap raising away, or the market genuinely has collapsed and no-one wants to buy the vessel for what it was worth 2 months ago.

Whatever the explanation, it doesn't augur well for NMS.