pigs, page-43

Hi iona,

Just having a quick look at the NTA.As I am not a holder I have a quick look from time to time so it is only an estimate.There are 2 things here that should be kept seperate.There is an NTA which is produced with the accounts which showed 27c at 30/6/11.Then there is the offer price that someone will pay for paperlinx which is distributed.The first offer price which was back calculated given the 9c ordinary and $21.85 for hybrids was said to be $117 million.A cross reference to this value was said to estimate 3c ordinary and $34 hybrids under normal business distribution.
I tried to get a handle on the accounts NTA.It was 40c 30/6/10 and 27c 30/6/11.The 27c 30/6/11 is based on equity of $736mill.With the announcement 23/12/11 of half year loss of $23 million to take off.If things are going this way they could be losing just under $1 mill a week ($23mill /26 weeks).So it could be now $25 million say.The next item is the goodwill write down.Intangibles on the balance sheet was $257.3 mill 30/6/11.Depends on how much they write off in impairments.For the year 30/6/11 intangibles changed by $98.4mill($355.7-257.3mill).Say another $50 mill.This will give equity of $736-$25-$50 mill = $661mill equity.Roughly accounts NTA of 24c?
I emphasise these are estimates and could change on impairment charges DYOR.