sector rally, page-11

Nice post

I also added significantly to my holdings at 12 cents.

Your call to management agrees with everything they told me. I think you may have underestimated the level of asset sales though. $11m is what they went into this financial year with. If you look at their history you will see they generally do much more than that throughout the year. Basically compared the prior year assets held for sale with the current year cash flow statement (investing - proceeds from assets sold).

Also, the stock was 20 cents just recently which is basically 0.4 of NTA.

It wouldn't take much to rally up to that level or above very easily and expect the half year will be reasonably positive - $15m or so EBIT, net debt around $100m and an update on the share buy-back (which I believe is likely to commence in the fourth quarter of this FY).

Can't believe it got to 12 cents (there was an aggressive seller) but good time to take a position.