Yeah I agree with most of that except that if you were...

Yeah I agree with most of that except that if you were evaluating a scenerio where sale is necessary but I would have a bit of a higher number given 33m cash, 31m receivables, 33m was the expected sale price of the MV Ocean outback, which actually sold for 35m. The other major item is the property plant and equipment which you are right would probably attract a significant discount from book value if sale was necessary. I assigned 30%, which works out to about 160m. Therefore with the minor asset items you get an additional 20m to give you around 280m, with net liabilities of around 200m. In fairness I jumped to the net assets line as I wasnt actually suggesting that it was a pure NTA play and didnt expect much intangibles (but there was about 8m). Just saying that it was a method of valuation for the company from a book value perspective as you were suggesting that it was overvalued at these prices, where I thought it was around fair slightly undervalued based on the book value and brightening prospects.

Also as DDMHC mentioned there seems to be significant progress made on reducing overheads/operating costs so cash generation should improve significantly moving forward.

Also on your point about the company outlook I agree I was a bit taken back when I was reading it given it seemed things were starting to move in the right direction albeit from a very low base. Since that was written things seemed to have continued in that direction. I took the statement to be the company becoming a bit more conservative from a guidance perspective. After 2 years of overpromising and underdelivering I think they may have finally realised its better to actually forecast in this manner.

Need to get my head around the debt dates and forecast out the likely cashflow, which I havent done.

As you say good to have contrary views. I have held this way too long (since IPO) and had written it off but looking at the way things sit now I am getting more positive. Given my long running mistake however its good to get an oposing perspective to test my current beliefs to try and avoid throwing even more money after bad so your skeptism is appreciated haha