Just had another look through Centennial's last investor preso...

Just had another look through Centennial's last investor preso as you do when something in your portfolio starts barking.

http://www.centennialcoal.com.au/ssl/axs/1/assets/page/768/assets/ASX_SGX_Copy_Investor%20Presentations_May_2009.pdf

It didn't look bad

Sales and production up last quarter.
Revenue up,
capital spend down, (which may not be good long term because depreciation of existing assets will hit the bottom line at some point)
debt to equity down

Seems to be more coal for electricity rather than steel. Steel production may be down, but at least I still have the lights on as do the Chinese I think.

Is there something I am missing - a new issue announcement brewing that is going to dilute shares, issues with borrowing or in fact anything that would explain last weeks sell off - or more importantly why it has been tracking so much lower than the XEJ.