Ummm...maybe because its they also have $753 in liabilities and...

Ummm...maybe because its they also have $753 in liabilities and there is about $260m still in hybrids outstanding.

The reality is they have two good businesses - ANZA and Canada - and one disaster (Europe) which is by far the largest business. Europe is still bleeding (unfortunately those one off costs - which happen every year - are cash costs) which means Europe lost over $50m last year. Even if they make an underlying EBIT profit in Europe next year (unlikely) you can bet there will be substantial one-offs again.

NTA to ordinary shareholders is already -$45m (7c per share) and will continue to decline as the statutory losses pile up over the next few years.

There is clear value in ANZA and Canada but those quality businesses are propping up the large loss making Europe.

Sorry for the reality check but it is still a very grim picture.