Ann: REINSTATEMENT TO OFFICIAL QUOTATION 26/07/11, page-5

re: Ann: REINSTATEMENT TO OFFICIAL QUOTATION ... Good point fangulator. But that just reinforces my point that the holding is illiquid not liquid. In accountancy terminology (i.e. the term TKG is using in it's Activities Update) liquid means able to be readily disposed of.

Last time I prepared a set of ASX listed financial statements, a substantial holding or above in another ASX listed company was deemed non-current and valued at either cost, or market value less disposal costs. Market value was always at a discount to the ASX sp, as usually these parcels require a discount to sell.

Long story short, IMO TKG are fooling themselves to value the MNC holding at the ASX sp. That's why TKG's sp will probably trade at a significant discount it's holding in MNC.