I said replacement value - NTA would be way less than $1.40 If...

I said replacement value - NTA would be way less than $1.40 If you take out the Alinta Goodwill which is not tangible .

In this market how to you value anything? The audited NA was $1.92 at June 30 , this was after the Alinta and Tamar write down before the profit from the Uranqiunty and Ecogen sale and retained earnings- you can debate if this means anything

A simple cross check is to mutiply the generation capacity by the replacement $ cost $1200/ kw for gas and $1500/ kw for coal , Guess at a value for the Alinta and the Westfarmers LPG contract using the Brokers reports as a guide - this comes to $4500 million minus $ 3200 debt after kwinana and Neerabup Settle.

Conclusion - it is way cheaper to buy this asset than to build needed new capacity