Appreciate that the board is probably dismantling the company but net tangible asset backing is still about $3.50/share. On this basis, if they buy back as many as they can at around $2.30, the more there is for those who are prepared to hang in.
I think credit has to be given for reducing the borrowings from around $83m in 2007, to plus $47m in late 2011 with a basket of assets still left which are ripe for sale or available to keep operating if they continue to be profitable.
Regards Westwind
CYG Price at posting:
$2.32 Sentiment: None Disclosure: Held
