Ann: Completion of NTA Review by independent expert, page-16

Yeah there is that.

The numbers aren't so different to what I'd expect if you take the prior value of JBFG without taking into account the new offer or any updated audit of its value.

BUT I am still confused by quite a few things in here, eg:

1) Is the steady erosion over the past year purely due to costs, or is something else going on? I'd like to see costs vs trading performance/losses (if any)
2) I don't understand how the value of unlisted assets in the graph was bumped up to nearly $46m in Feb 2018 but the NTA didn't increase, it fell further

The numbers will change again if this offer goes ahead or even with a new audited valuation of JBFG at the end of this FY. But regarding the offer, it will all come down to how the company (and the market) choose to value the $67m debt from JBFG + the $12m convertible note ...

I note that BHD may be about to enter a similar situation with a convertible note from JB Trading. Hmm...