They should be able to put the Glitnir figure in, so this should...

They should be able to put the Glitnir figure in, so this should add 1 cent of NAV.

Also, studying the exchange rate movements in the last month, especially the A$:Euro rate, this has weakened off considerably in the past month and this will help unhedged Euro positions they have and will increase the A$ NAV.

What you cannot calculate is what effect normal cashflow will have on the NAV because any cash received now simply increases the NAV.

I think we could get at least 1.5 cents increase from 41 to 42.5.

There are lots of different ways to look at this, and this is a complex one to analyse without being able to see behind the figures in the quarterly unitholder updates.

I too hope for an early conversion, but if there is an angle to be played with the tax losses quite happy to hear what that angle may be. An ongoing sizeable distribution each year (when compared to what we originally invested at) would not be the end of the world either.