This is currently a race to the bottom with shorts selling to...

This is currently a race to the bottom with shorts selling to shorts. No information from management turns this into a lottery for SP.

As the shorts play out there are opportunities to take a long position at a discount to realistic value. The asset backing would suggest that the realistic valuation is far higher. That supported by a value add strategy into a growing market would suggest that leveraging these assets into a 'profitable' value add further increases the overall value of the business.

Some guidance from management would be appropriate to show some respect for 'other' shareholders. The current ownership structure is not ideal for investors to make decisions based on facts. I am assuming that the team running this business has an 'above average' level of competence and if so the chances of success are better than average.

I can't say what the SP should be but I will say that a valuation based on say 20% discounted NTA would be very disappointing. In my opinion.