Ann: Half Yearly Report and Accounts, page-32

I am going to quibble about your use of the term "shareholder value". I think you really are referring to something like 'Immediate shareholder returns' or dividends which won't happen until NEA completes its expansion. As a growth stock NEA is creating "shareholder value" by sensibly building a business in North America. If it continues on its current growth path that NA business will be worth many multiples of the ANZ business.