nta, page-2

According to the chief financial officer as at 31st December the NTA per share was $1.31/share. Down from $2.32 in the preceding half year.

Whats clear...the banks just want comfort not total destruction. They know how hard it will grow their bank loan portfolios going forward. You start asking for all your money back on a quality client of this size, and you got to do a lot of relending to get the book back to that size. lending equals interest income.

The gearing is not that bad, just the timiming of refinancing short term debt when the credit market dried up.

Its either a bid or a major asset sale. Either way its going to trend back towards its NTA.