Volume Spike, page-26

Alright so with the upcoming sales of CBD properties by Mirvac and Dexus reported in the AFR it seems like we aren't far away at all from getting some new comparable to value the TOT assets against. Both of these sales are apparently likely to go through at between a 10 and 15 percent discount to their current book value. I'd say we can go right in the middle of that and factor in a 12.5 percent decrease to the assets in our fund (this might be a bit pessimistic considering how modern they are). Doing some quick calculations and presuming the interest bearing debt remains steady this would bring the NTA to 98 cents per share and the gearing ratio to 37 percent (I couldn't quickly find any information on what the covenants are but I'd have to imagine this would keep us comfortably between them). That would give us a 24 percent discount to NTA currently whereas I would say fair value is probably around the 15 percent mark. Does anyone else have thoughts on a realistic current NTA?