Entered a new Australian mining/industrial/resource net-net. Discounting an earlier dividend from the balance sheet I entered at 66 % of NCAV (ie 1.47 AUD).
As with most companies trading at big discount to net current assets Coventry has it’s share of problems. F-score is at the lower-end (4). Blanace sheet is cash rich and mangament is implementing a stragetic review. At the current brun-rate I expect the company to last quite a while, It may be a bumby ride though.