takeover prospects, page-3

If you take the City Pacific Ltd net tangible assets at 30 June 2008 of $47.3 miliion and reduce the value of the investments of CP1 Ltd and Indigo Pacific Ltd to today's share prices you would deduct $12.66 million which would give you $34.64 million. When you divide the adjusted NTA of $34.6m by City Pacific's shares on issue 162.5 million you get an asset backing per share of 21.3 cents per share. ( CPK 1.8 cents and IPA 8 cents per share)
When the proceeds of expected sale of the CP1 Ltd Paradise Resort is realised and other contracted sales proceeds are received City Pacific's Debt with the CBA will reduce from $118 million to $80 million or less. Substantial profits from these sales will be booked.
The City Pacific FMF is a completely different entity but to it's credit has reduced the finance facility with the CBA from $121.5 million at 31 October 2008 to $96.3 million at 25 November 2008.