huntley's report - fair value 0.25, page-32

looks like mccabe is setting it up nicely to purchase valad's interest in the jv a few years from now.

market is worried about mccabe deal imo. what exactly does 'finalise arrangements' mean? don't they have the cash to pay him out?

i'm worried there will be negligible NTA at june 30. They will write off at least $370m for the jv assets, plus another 200m i estimate elsewhere. leaves NTA about 10c.