26.6 billion assets , page-5

Thank you for your post Buffett.The problem with Centro is that they continually talk about Funds Under Management FUM $26.6 billion but it is practically impossible to find the debt associated with these assets.I went into the annual report issued on 18/9/07.What I found was a NTA figure of $3.537 billion or $2.29 per share.Now if you say that US property prices have fallen 15% that is $2.5 billion that would leave at least $1billion in equity.At 66c the market cap is $558 million so this would increase the price to $1.18 per share.So depending on how much the properties have fallen in the US the 66c looks underpriced to me,however the uncertainty is a factor.