Ann: Net Tangible Asset Backing, page-26

Thats a big if but for the sake of answering I would probably go with PMC on like for like.

Not that I worry too much about macro issues but I think Australia is headed into some "Australia specific risks" wrt to housing and therefore the economy and the best way to try and avoid that risk is to get out of the AUD and any equities exposed to the Australian consumer. I know these things are hard to predict but I cant see how they are going to get the banks lending again (thats the policy response needed) when the royal commission has just clamped down hard on the banks for their lending standards.