the numbers, page-3

Just looking at the group's financials - they are looking pretty sorry atm - and the hotel business suffering in general but this is just a soft point in the economic cycle - and the guys behind the business are very experienced and also very committed to the business (they have more to lose than any of us) ...so it wouldn't surprise me to see them considering a "P to P" - public to private - there has been a hell of a lot of off screen buying (and (IMO) engineered selling) - but it has the hallmarks of accumulation going on.

As I think someone has already alluded to a t/o would be tough given structure of shareholding ...but P to P might work - after all the shareholders do know their business - and as long as they can work things out with BNZA then who knows.....its not a risk-free play but I think the cycle will turn (not immediately) but the major shareholders can pick the value ads from the business for next to nothing at these levels.....

Interesting, but not risk free times...but patient capital may do very well at these levels when the market turns.

Undoubtedly when further hotel sales are announced the SP will rocket back upwards as debt is reduced further.

I am cautious with this stock but am waiting to get back in furter sub 1's.