pigs, page-53

Hi Iona,

The trick with the NTA is that it is net tangible asset.Therefore it does not include intangibles.So impairments against intangibles will not affect it.The 27c on 30/6/10 can be worked back on say shares of 609,280,761 x 0.27c = $164.5mill.Then if we take off the loss of $23mill for 6 months we get $141.5million.Then divide the 609,280,761 shares = 23.2c.

Note that the NTA in accounts does not mean that a company will offer this amount.The first offer that was said was for $117mill.It sounds like this offer is now on the back burner?