Ann: New Loan Facility, page-10

ok. I have read that. I assume EGP has done a lot more work on it than me but looking through the web you get property like the below at Php 4000 /m2 inside Clark Freeport zone (ours is really just land value at the moment I assume). Now I am no expert on the area so I dont know how comparable this property is but doing the maths:

We have 300,000 m2 at an exchange rate of 0.027 x php 4000 = $32m AUD valuation. This would still be a decent outcome but a valuation like this makes more intuitive sense to me given the deal with Nic. I doubt Vern would have handed him a valuation that was half or a quarter of what the land was worth.

https://www.carousell.ph/p/farmland-for-sale-inside-clark-freeport-zone-1069750367/?t-id=uQOIgYd3ig_1613595465420&t-referrer_browse_type=search_results&t-referrer_request_id=VSKMSn8baDw4z8Ru&t-referrer_search_query=clark%20freeport%20zone&t-referrer_sort_by=highest_price