is the for sale sign out, page-9

Although only a guess, I see there are three things the company could potentially do to help shareholders realise value:

1. sell it leaseholds at well above book value and return fuinds to shareholders (very unlikely scenario)
2. find a buyer for the entire business (a possibility)
3. substantially increase company gearing by borrowing against the asset values and returning capital to shareholders. Given interest coverage is not overly high, this would likely need to include a substantial increase in the oil & gas hedging, and possibly extending the interest rate hedge.

I think option 3 is what will happen. Just a guess, but not sure what other options are out there for them.

MJS