oppies conversion outcome, page-2

Looks like the take up rate on the oppies was pretty good, but by my calcs on the form 3B lodged today, theer were still 31m oppies unconverted. That leaves approximate NAV of $1.32 without considering any change in value since 31/12 of the underlying securities according to my back of the envelope calculations.

Therefore at closing price on Friday of $1.03 it is trading at a discount of between 25% and 30%. Looking excellent value bearing in mind there will be another distribution (last dist 7.5cents) and the buyback continues with about 7m shares still available under the buyback agreement. Interested if anyone has any other/different perspective on the current value proposition.

regards
DF