correct me if i'm wrong..., page-3

capitain,


There is definitely an add-back to NTA. As for what it is and how much. Defabstar is the one who would have the best handle on this.

As for the share price here's what I think is being ruminated upon at present:

1. The AUD is currently screaming along and (only) 300 odd million of hedges have been closed out with the dollar at 92 US cents. $300 million with $2.2 billion remaining. There "may" be concerns about jsut how high the dollar has to go to close out the remaining mammoth amount of hedges. If I had to guess, I would say that these hedges where probably taken with CNP when the dollar (forward rate) was last at 96 cents. Just guessing here and I can find no other explanation as to why 2.2 billion of hedges would still have a value other than zero with the AUD where it is.

Only complete idiocy would have reigned supreme at Centro if the hedges where structured such that the AUD needs to reach parity (even on a forward basis) to have a zero value.

When (if) the 2.2 billion is closed out, this will be monumental in my view and not before. It's still a hurdl and this is a fact for the present time.

Cheers and good luck.