CAN SOMEONE CALL THE NTEPA, page-39

KfW will not find too many large projects for their export credit line of business with fundamentals as strong as TNG's, and the NT government will most probably also contribute their share in getting this project going as soon as recovery efforts become possible. Our share price and trading volume are now at a laughably low level. However our larger shareholders didn't sell anything. The Browns, Vimson and Deutsche Balaton know about the fundamentals. The intrinsic value of the technology, the project, the off-take agreements and the business links with global tier-one partners sits far above market cap.

Whether management takes a pay cut or not doesn't make that much of a difference. So far they have in my opinion done a decent job. The company sailed into the present crisis in a financially strong shape and will probably be one of the few that survives it without excessive dilution.