Ann: Change in substantial holding from PPT, page-25

sorry to rehash old ground. WAM had a buy on this stock noting it’s asset backing without explaining it. I’m trying to get this info from them, in the mean time, what is the break up value of SGR if it losses it’s licenses. I look at the last annual report net assets are higher than the market cap however the asset value includes licences and properties valued at historic cost not market value.

so what is the market value of the property portfolio with hotels? Also if you loose your licence does that mean you are forced to sell it, or do you just have to give it back to the govt.

assets $ 3268
liabilities $ 1489
net assets $1771