jpan economy is still #2, page-11

Sorry , some adj to calculation :

They will have to issue additional 333mln share (i have done mistake in previous calcs) to have 40% stake in equity;

So with 500mln shares now + 333mln to be issued = 833mln shares

The NTA value will be pre issue $260mln (NTA 0.52*500mln ) + 15mln coverted from debt to equity = $275mln

So we will have NTA about 33c per share.

And with upside on revaluation up and hopefully Forex rates will help us we could have good return;

NTA Share Value
Present 0.52 500,000,000 260,000,000
Mez Lenders 0.045 333,333,333.0 15,000,000.0
Possible Future 0.3300 833,333,333 275,000,000