1) Results presentation 22/02/2011 state NTA 0.10 (of which 2 cents were provision for loan default penalties which did not eventuate)
2) Announcement 04/07/2011 re refinancing of CMBS1 states proforma NTA is now 0.14c due to over-the-book-value sale and removal of provision as above
3) Another 5 mil in cash should have been received by Friday from CJF4, divide that by the number of units and this should add 1.4 cents to the valuation or so. The properties accounted for less than 1 percent of NTA so negative effect of discharge on NTA is negligible.
4) Small negative impact of changes in exchange rate from December to now, this I haven't done exactly but should be less than 1 cent. On December 31 2010, USD was 1.01 AUD, not far from where it is now, so may be 5% down impact on NTA.
So far, sitting almost exactly on 15 cents.
5) The above does not include revaluations which should be showing increasing asset values based on sales and other trusts data and general industry data (this is the wildcard)
6) The above does not include cash conservation in 6 month - see mypravda had some stuff posted on cash situation. Based on operating profit, this should be in excess of 1 cent.
So I think 15c is mega conservative but, hey, I am NOT an accountant (see disclaimer) so any feedback on these calculations is most welcome.
I also meant to sit down and work out gearing post discharge but had no time. Ball park I think we will end up around 75% (down from 84%).
Cheers
mlc
MIX Price at posting:
4.3¢ Sentiment: Buy Disclosure: Held
