pigs, page-45

finch2 - thanks for your analysis. Can I just ask how the NTA of 24 cps is derived once you get to the gross NTA of $661M?

Are you then taking off the Redemption Amount of the hybrids (some $295M) and the dividing through by the number of PPX (some 609,280,761) which would show (661-295=366)/609 = 60cps;
or dividing through by the swamped PPX which would be (at 8 cps initial PPX) 1294x2.85M=3688M + 609M = 4297M ?

This would give, based on an equity value of $661M an NTA of about 15cps. However, as you know, the big question is whether the $661M is correct. If it is a fraction of this then the current PPX are adjusted accordingly.