I would certainly prefer to be out of them completely and using...

I would certainly prefer to be out of them completely and using the money elsewhere for now, as doesn't seem likely they'll have reason to rally for another 6-12 months at least.

But then I don't see any great risk in staying in for the moment either - just the opportunity cost. So not particularly inclined to dump a handful across this sort of spread.

The lack of liquidity in this share has been an increasing frustration. When I bought in, I actually only intended it to be hold till about Feb when I expected it to reach about 70cps. But HNG started selling about the day I bought in and were happy to sell at anything above 50cps. As it happened, they ended up using my planned Feb exit point (the HY result) as their opportunity to sell out. At that point I thought I'd just hang in there for the FY result or 70cps, whichever came first - I knew this was a more risky strategy, with second half likely to be lower than first, but still thought they'd post a good enough FY to make the numbers look attractive. Sadly, it looks like second half will be considerably lower than that.

However, at anything below about 55cps they are a classic Ben Graham net-net, so I see little point in selling at 39cps for now.