They forced an expensive deal on shareholders because they'd...

They forced an expensive deal on shareholders because they'd attached themselves to the knowledge that someone would make some decent money in fees on the transaction would be my best guess at this stage. They made some strong statements in the lead up when they sensed push-back from shareholders. I can be framed many ways though I'll accept that and to each their own.

We've had a Company Secretary resignation and a board member resignation in the last 6 months. Never ideal to see.

Just to clear up I had $1.37 NTA prior to this property deal after tax paid on the IAP takeover profit of $40 million and tax on the relatively immaterial profit on the PMG sale. For arguments sake lets say it was $1.30 NTA though like you say.

We've lost the 15 cents you point out that in stamp duty and payment for advice on the properties that only occurred because the properties were bought. That would take us to $1.15 prior to the revaluation announcement Monday this week.

The revaluation wipes another 22 cents off the NTA. That leaves us at $0.93 cents.