Ann: 2017 Half Year Results Investor Presentation, page-16

They did managed to sell the bases and slipway for a couple million less than book value at 2016.

Maybe an equity raising would have been better. But then that'd be selling the company for 20c on a dollar. Which might be fine if current shareholders take it all up but a disaster if new investor and privateers with cash comes in.


A shame to have to sell thebases, but at least they'll survive and no ownership dilution.