Ann: 2015 AGM Chairman and Managing Directors Address, page-11

That's correct Mars

But keep in mind there was a $14.5m impairment against assets held in the operating fleet as well.

So anytime they take assets out of the pool for sale they have significant write downs. In this case $6.3m against assets now worth just $8.8m.

Unless earnings improve they will have to release more assets in the 2017 year which means more impairments, more redundancies for staff etc bring down NTA further.

The question is, where will NTA be by the time net debt is down to reasonable levels and earnings have stabilised? I'm guessing a lot lower than 41 cents and to get debt down to zero will take a lot of work.

Could easily see NTA at 25-30 cents (or less) in a few years, the company still not generating profits (meaning the company worth less than NTA) and no return on your investment during that period. That's the risk.

I'm interested again but waiting for now.