I agree with nicleeson's numbers except I think there may also...

I agree with nicleeson's numbers except I think there may also be some other negative one-offs which will take another few cents off the nta. the plus is that the property revals are probably very conservative but the negatives are the cold winds are blowing across the world economy and it would not take much to wipe out the remaining equity.

With gearing around the 85% mark and AFG as a parent this is not a stock for the faint hearted. On the other hand at a price of 8 cents we may all look back in years to come at how cheap it was!!