You are way off whitsLet's use figures we are basically left...

You are way off whits

Let's use figures

we are basically left with the Asia Pacific Assets plus the Europe Management rights - post DUKE.

We all agree with that?

The Asia Pacific Assets were valued at $788.6 mill as of 31 Dec 2008 - see the annual report.

let's write them down to $630 mill ..roughly a savage 20% plus write down.

Then let's add the management rights to Europe valued at $210 mill ..(we also have management rights to Duke as a bonus which we will ignore)... so let's keep it at $210 mill.

So I estimate the NTA will become $840 mill post the write down ... $630 + $210 mill

I think the market cap is currently $140 mill ... or a sixth of that !