Ann: Sale of Texan Properties, page-11

Aussietom, I am no accountant, so my simplistic figuring goes like this.............

- when the most recent re-valuation of PP was done they said ( Aug 31 announcement) the value had increased by USD 3 million which equated to 8.7c per share increase in NTA ( AU currency I presume).
- the latest NTA was provided on Sept 1 as 57.47 cents ( AU)
- so given they are returning capital to us of 15c ( AU) per share, I guess that means 57.5 minus 15 = 42.5 give or take as the current NTA. At yesterdays closing price of 39c the gap between market price and presumed NTA has therefore narrowed considerably, and possibly this was the intent behind the special dividend. Simplistic reasoning I know !!

To what extent, if any, the return of capital ultimately means for sustainable 6 monthly dividends is now a key question, since the capital could have been ploughed back into the business, but my ( gut) feeling is the impact is not that much. Certainly would be nice to continue receiving steady 2c divvies every 6 months, here's hoping. If so I can't see the SP dipping any further and causing widening of the gap to the NTA.

If anyone has another take on the current NTA feel free to comment.