Mainholm it says cash flow guidance and generating surplus cash...

Mainholm it says cash flow guidance and generating surplus cash of $50-70m. I doubt very much they are talking about cash balance on that basis. If your right, their guidance was very, very misleading but at least they accepted my idea that they are not cash generative. They started the financial year with $55m cash. So they were basically saying that at the low end they were going to use up $5m cash in FY14 after paying dividends but before acquisitions.

For me, I've never looked at ROE or ROA in my life! Its a profit based measure that often means little. Used by the academics we were talking about. You can call ROE whatever you want but they are are not generating net cash flow so to me its not worth a lot at todays gold price. Hence why they just bought the equivalent business for $25m.

I certainly believe what I say mainholm. I don't know if NST is definitely a bubble. You can never be absolutely certain about these things. The best clue though is always that cash generation is much less than is perceived by the market.