one thing I dont like is that on page 15 of the 31st August half...

one thing I dont like is that on page 15 of the 31st August half yearly under Interest beraing liabilities paragraph it states 'as part of the renegotiation security was required and granted over all assets and undertakings of the group"
I was a dairy farmer and I had a bank try to do the same to me when I borrowed money for more cows they wanted to take security over my farm for the cows rather than just takeing my herd as securtiy . I refused and got a loan from another bank that was prepared to take security over just my herd. I wasnt going to risk the family silver which is what it seems NAM is doing.
Why not just take a loan out with their inventory as security?
However as you state the PE ratio is compelling.
I have taken a flutter on this first investment i have made outside of resource stocks for over 3 years.
Yes I to was thinking the better exchange rate should help this, as the company has plenty of unfilled capacity.