phone blower, page-11

The reality is we currently trade at a 38 percent discount to NTA. It cannot get any worse than this. The aggregation allocation of 14.9 percent to us "external cer investors" is purely a mathematical calculation based on what we will contribute to the new company. Anyone who can count ( or with a calculator) should not dispute this figure. Yes we are paying a fair sum for the services business, but this is where the future growth will come from. And yes we are providing liquidity to the syndicate investments, but the reality is we will be part of a much larger company, that will trade closer to NTA. The idealist in me says, let's go it alone, but the realist in me says just hurry up and pay me dividend and get my share price back to NTA. This outcome in my view can only be facilitated by the new company. Yes we will incur some loss in the process (3 cents NTA) but surely divis received soon can be invested with interest earned. Same goes for capital, should one decide to sell their new CRL shares. Why wait for the unknown?