Ann: Net Tangible Asset Backing, page-6

Yes, thats sort of my point. There seems so much potential in the port.The report only has good news in it, the 59% return on SGP's sale,but no idea what our cut is,
Purt 3 Profit ,how much ?,
Purt 5 Profit same question.

Its not as though they have been hit by any great scandal or lousy holding result and they dont own Banks and Mining so cant blame general market woes. The housing downturn MIGHT effect a little.

I think my only salve is that board/management/managers are stock holders and as far as i can work out they arent getting any  extras in Performance fees because we arent over NTA, but that cant be right ?

Management and Performance Fees The Management Fee is 0.50% of URB’s Total Assets. The Performance Fee is 15% of the out performance over a Pre-Tax NTA 12 month return of 8.0%. This 8% return is calculated after the payment of any ordinary dividends to URB shareholders