re: Ann: Net Tangible Asset Backing as at 30 ... Received an update from Everest Alternative Investment Trust. Main piece of interesting information was in relation to direct investments. Direct investments is $14.6m of $112.9 of net equity. Reading between the lines, about half of the direct investments could be written down to zero. Good news is that 39% of direct investment portfolio is cash.
If we assume that within the AIQ valuation they are using similar figures to EAIT, then around 6.5% could be written off, thus leaving an NTA of ~ $1.90.
If this is right (maybe a big if, plenty of assumptions), then AIQ looking in better shape than I expected.
Main reason:
- significant cash position within "direct investment" portfolio
- some investment have been successfully sold e.g. Coogee Resources
Anyway, just an impression, and plenty of facts missing and assumptions, so DYOR.
Ann: Net Tangible Asset Backing as at 30 June 200, page-2
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