Ann: Notice to Shareholders regarding Fact Sheet , page-2

re: Ann: Notice to Shareholders regarding Fac... My back of the envelope (round numbers) on this is as follows:

NTA is $2.20 * 130m shares = $286m

From the graph, looks like around $200m will be received beyond 2 years...let's assume year 3 for analysis purposes and discount rate of 15% pa (ie still risky). Thus, around $86m available for distribution in July ($0.66 per share).

Thus, fair value os sp would be:

0.66 for July cash flow
1.01 (being $1.54 discounted at 15% pa for 3 years)

Total $1.67

Note, this is very rough analysis and data is not clear, so please consider it a guess.

Other thoughts please...