Ann: Corporate Update, page-21

Tali owns 12% of WA1... but AMN owns 40% of Tali... so really AMN owns 4.8% of WA1 which, based on WA1 MC of 920m is $44.2m.

But there is also a deferred tax liability also.

In the end I just take the lazy option and take the $31.6m carrying value (net of deferred tax liability) of AMN's WA1 holding (as of 31 Dec 24) directly from this Corporate Update linked to this thread. SP of WA1 not a lot different between now and 31 Dec 24.

Obviously I would love it to be $72m as I am long and bullish on AMN... but the $38m is still pretty good!

As always, happy to have my numbers corrected if I've made any mistakes.