The more we read,

The less we understand
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ARL AGM Brisbane Convention Centre 28 November 2014

FY14 – FINANCIAL RESULTS

•Fair value of financial assets transferred to ARL was estimated at $55.4m. As at 30 June 2014 the written down value is $16.1m (FY13: 36.7m).
•Revenue - $3.5m (FY13: $39k).
•Net loss after tax $4.6m (FY13: $20m), comprised of:
•Impairment loss on mortgage loans of $5.9m (FY13: $17.5m) booked
•Operating costs of $2.3m (FY13: $2.6m)
•Net assets of ARL as at 30 June 2014 are $30.8m (FY13: $35.4m) or 3.14 cents per share (FY13: 3.61 cents per share).
•Cash at bank as at 30 June 2014 is $14.4m (FY13: $2.8m).
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Hmm,
1. 3.14 cents per share ------ ARL
2. 3.61 cents per share -------ARL
3. 0.008 cents per share------ WC NSX R

Regards,