If you floated NMS today as an existing company going public...

If you floated NMS today as an existing company going public that had never been in the public arena and had no sharemarket black marks against it you would float it at 4.5cps,plus(NTA 3.1 cps).
It would be marketed as a company that had no assets except those that can bring in the dollars, no long term debt,no excess head office staff,no property assets except those absolutely necessary for a marine service company,no head office staff except the CEO and a tea lady and a few lieutenants that help the CEO to drive the company forward on as little petrol as possible, a loyal group of competent employess and a loyal customer base with a group of complementary associates in the industry who bring work in in exchange for a like situation in reverse.
Such tight companies with a good track record as far as customers are concerned,and associates,have every chance of prospering in the future.No egos,no takeovers of competitors for a consideration in shares that bite both parties in the bum eventually.Purely organic growth.
The difference between the declared NTA and the issue price would be explained by reference to the companys .
earning power on the MINIMAL assets it owns.
NMSs future SP will be earnings driven. Often when a company has been through the fire and come out the other side it faces stuffed markets that contributed to its downfall. Not NMS- its market prognosis looks excellent (particularly the Oz O ang G opportunities that are so obviously there) and other divisions also (that need some work on them).
The H2 2011 profit performance "has continued and improved into FY 2012"
That statement doesnt preclude it having markedly improved but if you ran NMS would you be in a hurry to blow the trumpet at this time?
This stock has the potential,IMO, to blow past 30cps if the next earnings result fits the "markedly" adjective .
I bought at 33c,then at 5 cps,the at 4.5c,then variously at 28,26,25 and just now at 29.Every time I look I feel better about all the tough decisions that have been made and implemented and that article about a 72 year old and his completion of his first tri hit a responsive with me.
Gritty decisions; gritty CEO:probably a gritty company now.