s h e s o f f, page-16

Have had a better look at NLG and some positives and some negatives. Even if the bank does refinance it would be sometime I would imagine before the company returned to profit. The good news is that estimated earnings are expected to increase over time. Bad news is that after downgraded earnings there would be losses after paying interest expense so s/p maybe subdued for quite some time.

My own personal feelings are that it would depend on whether divestment can return the companies fortunes around and without knowing p & l on individual leaseholds and whether selling lease holds will improve both balance sheet and p&l it is entirely guesswork.

My second thought is with such a low market cap is there much to lose? If successful a 100% increase in s/p will still result in a very low market cap.

So I say pure gamble at this stage, if I buy will be small parcel but for any sizeable purchase the details of any refinancing and (accurate) future earning estimates have to be known. I would like to see net earning estimates, not this EBITDA whatever. Uselss for a company in debt, good for a company with no debt lol.

So maybe worth a punt...in the true sense of gambling ! But one to watch for re-financing announcements for sure.