expensive premium @ $2.16 share price

At current levels PMC seem expensive.
@ $2.16 the stock is trading @ ~41% above Pre-tax NAV and ~39% above Post-tax NAV.
Seem a big premium - for what ??
Any comments please.
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PLATINUM CAPITAL LIMITED 2003-01-09 ASX-SIGNAL-G
HOMEX - Sydney
The preliminary unaudited net asset backing as at 31 December 2002 was $1.62 per share (30/11/2002 1.65). The net asset backing calculation takes investments at net market value and is after provision for tax on both realised and unrealised income and gains.
The share price at 31 December 2002 was $2.15.
Unaudited additional information:
31/12 30/11
2002 2002
$ $

Pre-tax NAV 1.5274 1.5764
Realised tax (0.0025) 0.0031
Unrealised tax 0.0945 0.0722
Dividends Payable (0.000) (0.000)
Post-tax NAV 1.6194 1.6517