Highly likely shorters are selling into a possible downward...

Highly likely shorters are selling into a possible downward re-rating in March and also a possible net loss reported in the half year report and combined in turn triggers some degree of market confidence loss.

More still to come...

Using NTA or even EV is a red herring for a business like even though the former provides some degree of safety in its Statement of Financial Position so long as it has not been securitised to the point of damaging cash-flow and the Statement of Comprehensive Income.

It is all about its cash-flow right now and the management changes of the past 6 months.

Added to this is the small matter of shareholders communications which has never exactly been a strong point even though their mandatory reporting is comprehensive it is at times like this that a bit of investment community nurturing during the management transition and a share price decline never goes astray.