I would be nervous of following price to book ratios too...

I would be nervous of following price to book ratios too closely. Sadly, the low ones are normally a sign of a chronically struggling company with a hopelessly impaired and inflated balance sheet, rather than an undervalued gem !

Management has all but said there is a major ord/pref/debt restructuring coming, in which I reckon the ASX listings will also disappear ( head office now in UK ). The risk is the ords will get completely wiped out in that process.

Of course if they could just turn trading around all bets would be on again, but can they ?