what are the risks, page-20

Good post Kozzy that is some of the number crunching I was doing on some of the gloomier scenarios.

I think you may have used a more favourable exchange rate though? Current rates may shave another 50m off the NTA? Still could fetch 40c though? But if AUD/JPY happen to go up 20% from here (unlikely) this could wipe all the value out?

The Aussie dollars left over in the event of liquidation now becomes highly volatile depending on AUD/JPY rate. But taking the hedges off definately way to go as breathing space is number 1 priority and fingers crossed the exchange rate goes the right way. In the second half my view is if the credit crunch gets worse and property falls, I believe commodities will dive and so to will the AUD as the RBA ponders rate cuts next year, so this could save the NTA in the event things get worse.

But if they achieve the sales they spoke about when they last reported, then they might be able to survive a few years without any fire sales, and in that scenario it is easy to see an NTA of 70c in the medium term.