at the bottom of the long term trading range, page-23

Hope this may help with the debate: NXS actually has $270m in debt.Total enterprise value (Market cap + debt) = $577m

Valuations of Longtom from recent broker reports - Patterson’s & Macquarie.

Patterson’s $M Macquarie$M Mid
Longtom Base NPV 300 398 350
Less Direct Project Debt (160) (160) (160)
Net NPV Base Longtom(1) 140 238 190
Per share val Longtom 15c 25c 20c
Other debt – bonds matures
2013 (3) ( 110) (110) (110)
Market Capitalisation(2) 307 307 307
Implied Market val of
other assets
eg cash on hand,
Crux, Echuca Shoals etc
(1-3-2) 277 179 227

Or (net of Bonds) 167 69 117

After direct project debt is taken into consideration the valuation of Longtom (mid) is around $190m or 20cps.

The market is definately factoring value for Crux etc.

The problem: Other debt Corporate Bonds $110m due 2013.