Well they had $293m in assets at 30/9, we know $179m is cash and...

Well they had $293m in assets at 30/9, we know $179m is cash and $52m is the Cracow mine which is unlisted. So only around 25% of their assets are listed and therefore subject to movement in price between 1/10 and now. NTA was $1.59 at 30/9. I am guessing NTA should not drop to more than to say $1.53 (allows for 15% decline in listed assets, may not be any) which gives a buy back price of $1.45. That is what we know. As for the SP who knows as that seems to be driven by sentiment. MMA did a buy back at 71 cents recently when share price was 48 cents and now it has dropped to 43. But if you buy assets back at a discount then you know the NTA per share has to increase. The Cracow mine produced 4.3m in cash flow last quarter, that asset is in their books at $42m.