Agreed - they're not too forthcoming with details.
From memory I think they paid 190 million for the pubs after raising 123 million from the IPO. They definitely paid too much, having bought at the top of the property boom. However with a 3 million dollar market cap there's significant upside if they survive. Given St George banks reluctance to call in the loan I think this is worth a punt. Only my opinion of course, DYOR.
NTA in 2007 was 94c NTA in 2008 was around 30c NTA in 2009 was approx 20c
2008 write down of 29% to approx 134 mill 2009 write down of 25 mill to around 109 million We find out about 2010 write down in June...
Cheers, G.
CXH Price at posting:
2.9¢ Sentiment: None Disclosure: Held
