Ann: FY23 Results Presentation, page-9

Forget all the 1st part of the presentation, its historic and irrelevant given the split out.

This is the important slide:


Notice the flow through of the recent capital raising into ABG. Effectively the capital raise 'flow through' went majority to ABG.
Interest bearing liabilities were reduced by $100m and the effective interest in ASK was 'passed through' into ABG balance sheet .
This has the effect of reducing gearing (although this is a bit misleading since ASK share price has subsequently dropped), and keeping their capital raise intact through the acquisition funding used to keep the ASK equity investment $402m.

Net result: we have an NTA of $2.11 against a share price of $1.10 odd.

That's a 50% discount of share price against NTA (yes office properties are the remainder, apart from the equity investment in ASK).
Office higher risk, but remember ABG is also the 'mother company' the fund manager. ABG will clip the ticket from ASK. Clipping the ticket is cashflow.

So ABG can't be valued as a pure office REIT, there is also the income from the funds management over ASK.

Hence my 'punt'. But my commentary on patience was related to ABG getting kicked out of the indexes which forces the passive index funds to force sell regardless of value.

One has to just love the ever increasing market dominance of index based investing. It provides opportunities to private investors.