nta at 33.3cents

at the end of July NTA was 33.3cents
The stock is trading at 50 cents

TJN are taking the directors of CMI to court. This will cost money which will erode the NTA.

TJN are going for loss of profits and damages etc...

I doubt they can win on these grounds and the best result may be that CMI ends up being wound up. (ie best result)

In this case TJN would have spent on legal fees say $100k to $200k. The wind up at best will return $1.235c or $3.7m (or 48cents/share) to TJN.

Best possible outcome would be 78.7cents.

What's my confidence level? Low
Why? back a few years ago TJN were prepared to exit at 63cents and were supporting the board on a buyback of A Class shares at 63cents.

Other than the businss being more profitable than it was back then the situation with A Class shareholders has not changed.

If the board announces reinstatemnt of dividends the A Class shares will rise. If the board annouces an acquisition then I suspect the A Class will tread water or fall. If TJN looses its court action then the A Class shares will dive!