Ann: Becoming a substantial holder , page-11

well the stock has $1.11 cash. Of which there are a lot of franking credits. $30mil half year earnings from spread income + 13mil one off windfall. The mortgage book decreases at 12% per half year so next half year we would expect another 26mil, then 20mil the half after and 33mil for the next year. so in the next 2 years another 80mil which would bring the cash up to $1.36 per share. And i dont see why they cant pay out a fully franked dividend. SO that in mind once people start seeing the value of the company it has to climb. Id think that by 2 years time the company surely cannot benefit from the loans and would sell off what is left for lets say 14c/share rbinging it up to $1.50 and this does not include the franking credits.

Patience and we will be rewarded.