ann out - nta , page-10

Hi Guys,

Just a quick calculation for ya,

New NTA = 16c, old NTA = 20c
Assuming that the current liabilities havent changed over 6 months we have:

Total Assets New = (775.6 + (492*16/20))million
(775.6 is the current liabilities)
Total Assets New = 1169.4 million

Total Assets Old = (775.6 + 492)million
(775.6 is the current liabilities)
Total Assets Old = 1268.4 million

New assets / old assets = devaluation of 7.9 %

This devaluation is slightly larger than others in the REIT sector, for 1H10.

Even if there is no loss due to derivatives, and no more non current asset devaluation, it seems pretty unlikely that VPG will turn a profit this quarter (they would have to value their Duke etc as positive instead of 0).

I hold with a longer tem outlook.