news, page-2

Is this correct?

when last reported 411m shares at NTA of 0.85 - approx 350m

now they have dusted 210m in revals (but gained 20m in fx hedges), so reduce NTA of 350m by 190m equals 160m.

160m divided by 411m shares = 0.39c per share?

This is worse than Kozzy's post in the other recent thread, as todays revals are more severe than was posted in Kozzy's calcs.

I guess the revals perhaps a little more severe than some expected, but the revals are probably realistic. With regards to RAT I think they ended up selling some property above the downgraded levels of June. So maybe the valuers are being very conservative.

At least for the time being there is no breach of covenants.