They had financial liabilities of 136m, and are buying back their own stock at a rate of about $80m per annum - (which is stupid). They also have 376m in their own funds, much of which they can't pull out if it is in their LICs. Not sure if they have allowed for CGT in those on the BS.
Which is a reason to be wary of their asset situation. I would suggest you are looking at about $2.50 per share unless/until they change their strategy and put that money into something worthwhile, as it is getting eroded, or if they liquidate their LICs.
Assets:
Cash - $351m
loans and receivables - 80m
Financial Assets (how much trapped in LICs?) - 376m
Liabilities:
Payables and employee benefits - 40
Financial liabs - $136m
Class action liabilities (likely IMO) $x - who knows
net financial assets $631m - x ($3.46 per share)
Really you could count Barrenjoey - but if the key people walk away it is worth nothing, and is not a financial asset.
MFG Price at posting:
$8.19 Sentiment: Sell Disclosure: Held
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