Value at this price, page-22

I agree, if the business is fine and still in the realm of what has been updated than the lower the better. They have limited firepower until Feb repayment, which will take the debt underneath the US50m lender condition. After this, more capital management as a percentage is permitted.

There are disclosure obligations as we all know, and if something has changed which devalues the business than it should have come out. In the absense of this, I think we are seeing a short trade play out here in a fairly illiquid and out of favour stock.