I have held for long time - also under water - I am not so sure...

I have held for long time - also under water - I am not so sure and have been more and more uncomfortable recently.

The issues that concern me are the SOL spat with Perpetual . I think its affecting everything in the group.

The company is making $15 million from treasury and investments and $7 m from coal mining. They are paying more than they earn. The coal is really making $7m on $284 m turnover thats such a thin margin its really almost to slim. The half year showed a 35m negative sales price movement that is 5 times its coal profit. As I understand it ackland plan is still not finally approved.

I cannot from the presentation tell if Bridgeport is profitable - revenue growth is the slide what about profit? All we got recently was that the wells drilled are now disappointing the production is declining.

Not one word about coal to gas and coal to oil. there are technologies around the world that do it - yet we are pioneering something that we have now had to start writing down the value.

So we have the pile of cash - do we have a lot more value or do we just wait to unpack and understand how we will get back to great value. Net tangible asset values are still dropping now only $2.33 down from $2.50 previously.

Sorry but on the poor and scant information I have this is starting to make me uncomfortable