Ann: Independent Expert's Report , page-6

target statement out;

points to note are that by end of 2011 the expected NTA would be 11.3c with AUD = 101.6.
current gearing = 62% incl cash. they state that plenty of lenders interested where gearing in 55 -65% range.
they are using cash flow to pay down debt so it should fall into the 50% range soon.

tennancy should move up towards the 95% average.

given another 6 months and some asset revaluations, l think 11c value is on the cards.

EPN will have to substantially lift their offer to get this little duck.