bottom close ?, page-27

The company has just secured massive debt market support in the form of oversubscribed debt refinancing. I can't see how the company would look to undertake these options when financiers are comfortable with both the book value of assets and the amount of debt outstanding.

Trying to sing the praises of the company in the hope of attracting buying support is a waste of time at the moment. The price action in my opinion over recent days/weeks/months reflects the same play book that was used to crush the share price in advance of the last low ball takeover offer. With net asset value above $2.70 and NTA at $1.30 (and the banks have just given this assessment of value the big tick) the rewards for successfully executing this strategy are immense.

It wouldn't be any surprise therefore if a bottoming in iron ore or a pull back in the AUD would see a crescendo of selling rather than an expected uptick in the sp.

The price action has been terrible for holders, but no one should lose sight of the importance of bank support that the company is maintaining through this difficult period.