By my estimates, the NTA is probably closer to $1.10. This assumes they get 80c in the $1 for the 4 commercial properties (ie $250m vs $311m), and 50c in the $1 for Karratha (ie $25m vs $50m). Am most concerned that a) they haven't sold any of the commercial properties yet, and b) the Karratha lease with Woodside will soon expire and I can't see how they'll find new tenants in that market.
Any evidence that these assumptions are too conservative would be welcome.
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