check out the figures, page-4

those figures are wrong sorry

Assets $21

a writedown of 20% is equal to $4.2

Assets $16.8 bn
Debt $10 bn
Equity $6.8 bn

No of shares = 2,199,133,940

NTA = $3.09

add in a 1 for 1 equity raising of $1

add $2.2 bn to company's balance sheet to retire debt

Assets $16.8 bn
Debt $7.8 bn
Equity $9 bn

no of shares after equity raising = 4.4


nta $2.05

a 25% decline in asset values would look something like this

25% of $21bn = $5.25bn

assets $15.8
debt $10 bn
equity $5.8bn

nta $2.64
gearing 63 %

1 for 1 rights issue of $1 due to high gearing

Assets $15.8 bn
Debt $7.8 bn
Equity $8 bn

NTA $1.81

gearing = 49%


so basically I think at the current price $1.55 we are looking at a decline in assets of 25% at least and a 1 for 1 equity raising

the additional .26 could be sentiment or for something out of left field