I'll re-post the following in a new thread the other one was...

I'll re-post the following in a new thread the other one was getting slow

I think all things considered it was pretty good.

I thought the NTA would be around 30c

we now have NTA at 24c

the trade off is i thought gearing would be higher than the 43% we currently have

$100 million cash at the moment

NO further EU asset write downs.

The market is trying to price in a D4E at 10c
if Valad thinks it can hold onto the cash and get 15% returns on it then it will cover the 15% interest rate on the notes