Tax Losses

Chair/Directors,
Under your guidance BFC has run up sizeable tax losses.
With latest Capital raise - approx $28m - does BFC still have the ability to fully use the accrued tax losses.
Please advise (anyone can contribute) on,

1. does BFC pass the continuity of ownership test
2. does BFC pass the continuity of business test.

Post Capital raise what is NAB exposure to BFC. Today looks like $50m++, post Capital raise ($16m to retire Debt) so NAB is down to $34m and holds a charge over BFC.

Board, go peacefully now before 2nd strike.