While a net loss of $67.5m for the FY2012 looks scary, my...

While a net loss of $67.5m for the FY2012 looks scary, my reading is that most of it is in non-cash changes to values of cotton futures contracts? FY operating cashflow of $139.1m went towards a significant reduction of borrowings. Combined with the $75m of revaluation of property, plant and equipment taken to reserves, equity up $8m for the year, giving strong NTA backing of $1.12/share.

With financing facilities now rolled over for a further year and a record crop well in hand, the goal of reducing debt by a further $60m this year looks achievable, which would put NAM back into health.

While they are looking for a cornerstone shareholder by Jan 2013, the current market cap of $21m looks light - although admittedly I don't understand the cotton markets well enough to recognise possible threats. Cotton futures not looking so great.

Looks reasonably well bid and a few small buyers prepared to cross the spread - not bad considering the current soggy market.

Would prefer to wait until dilution had occurred, but took a small holding earlier this week. Interested in any thoughts?