could vpg tank..?, page-78

You are way off whits

Let's use figures

we are basically left with the Asia Pacific Assets plus the Europe Management rights - post DUKE.

We all agree with that?

The Asia Pacific Assets were valued at $788.6 mill as of 31 Dec 2008 - see the annual report.

let's write them down to $630 mill ..roughly a savage 20% plus write down.

Then let's add the management rights to Europe valued at $210 mill ..(we also have management rights to Duke as a bonus which we will ignore)... so let's keep it at $210 mill.

So I estimate the NTA will become $840 mill post the write down ... $630 + $210 mill

I think the market cap is currently $140 mill ... or a sixth of that !