Ann: Asset Revaluations as at 30 June 2009 , page-19

Zszn

My very rough NTA calc is as follows:

Refer to their newsletter dd 15/6/09 for the starting point.
15/6/09
Assets 2811m
Liabilities 1685m
Net assets 1126m
NTA 92c

Now
Assets 2249m (i.e 2811m less 20%)
Liabilities 1685m
Net assets 564m
NTA 46c

After another 20% reduction (Hope to G this does not happen!)
Assets 1799m (i.e 2249m less 20%)
Liabilities 1685m
Net assets 114m
NTA 9c

But the core earnings (I think this excludes prop w/downs)were 4.46cpu as at 15/6/09 and hopefully this is sustainable.

So, on balance, I think its still a bargain around the 10c mark. I intend to top up but I'm going to wait a little while for the rest of the massive sells to go through or get pulled. Its possible that we will be able to top up at sub 10c.............