REU still has EUR 209 million in CRE loans. If we assume they are all sold at 73% of par value (same as two other CRE loans as ann 29 May 08) then thats only another EUR 56 million loss.
Current NTA is AUD 349 m less 94 m CRE w/o (EUR 56 m at EUR 1 = AUD 0.6) which still leaves AUD 255 m
255 / 493 = 51 NTA per share
current nta per share is still over 70c, page-4
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