Ann: Net Tangible Asset Backing - 06 March 2015, page-22

Taking into account the drop in SRX share price and some uncertainty in the immediate future about SRX's worth, plus the capital raising and the fact that a 4 cent dividend is due and the new shares also are eligible for the dividend. Also that until the new funds are fully invested and earning their way they will share in the forward earnings of HHV, one could argue that allowing for a margin of safety that the current share price of HHV is about fair value or maybe even slightly over valued. I guess it is up to each individual to make his own call, but for mine for HHV to present value, not withstanding a surge in the price of their underlying investments, I would think around about $1-10 they would represent a reasonable value proposition.

Current NTA and allowing for dilution if all the shares are taken up and also a 4 cent dividend in my view would mean that HHV are currently trading at about a 7% discount. The arguement now though is who would buy at $1-26 when you can get them on market for $1-22. Maybe they will raise the rest of the funds at a later date and delay dilution?

That is my take on it.