Early1, the result isn't quite as good as you indicate because as a previous poster has stated, we need to pay cash to effect the buy back (notwithstanding the fact that the cash will be less than the 11/12 earnings).
In assuming the buy back is effected at an average of say 30 cents, this will absorb around $4.1m in cash.
This means that we now have $46.9m of assets (as did exist at June 30, 2011) and there are now 124.2m shares for an NTA of 37.8c
BUT we are overlooking the NPAT after min interests for this year which I reckon will be around $11.5m to $12m. (I'm an optimist, though I note that Tim might be preparing us for a softer result with his comments in the presentation).
I'm hopeful we may also get an interim div in March next year of 1c (say $1.3m in cash out).
So, NTA at 30/6/12 could be around $57m or 45.9c per share.
BIG CAVEAT: Is the volume large enough for them to complete their 10% buy back at an acceptable price which, for mine, can be interpretetd as anything less than the NTA per share?
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