next most likely..., page-15

Well mosteph, if you were a bank looking to expand, you wouldn't take over a property trust, you'd take over another financial institution. But my point specifically was that the Net Tangible Asset is $2.68 per share. I think St George is being taken over at 3 times NTA from memory.

The NTA in a financial institution largely represents the cash backing of the underlying instruments, regardless of how much they might be leveraged or what they are earning at this particular point in time, ie: they can be reasonably liquidated for the NTA (unlike, say, factory equipment). So it would be reasonable for any financial institution seeking to expand to put CGF towards the top of their list, given that they are trading at less than this value rather than a multiple of it, as the assets can simply be wound down for their cash value if they are non-performing and the bidder would still make a profit.

See my point?