nta, page-11

Thats why NTA is not worth looking at. The retail business has no assets.

As I said, when looking at the value - you need to look at the FCF.

Furthermore I did state that PE ratio's are well down and my estimate of 10x FCF comes in around 4-5 times current cap or just over 20c so what do you disagree with?

My presupposing a value based on 12x FCF would, as I said, be an exceptional outcome - that is not to say it would be the likely outcome.