there is a whole range of scenarios as to what the NTA is. I...

there is a whole range of scenarios as to what the NTA is. I think I will hold back on calculating these until I have seen the annual accounts and have some fresh numbers to work with.

There is a mass of variables as to what that NTA could be, depending on whether the BEPPA eventually convert to shares or the two listed bonds in NZ are potentially turned into shares if they are not repaid.

So several different NTA calcuations will be required depending on which scenario (or scenarios) you think are going to take place. I think we need to see BBI illustrate to us that the bonds on issue will be either paid back in cash or successfully rolled over (or a combination of both)and the BEPPA's eventually get repaid.