Hi all, Approx Pre-Tax NTA is 0.44 as of 19/04/2019. For the...

Hi all,

Approx Pre-Tax NTA is 0.44 as of 19/04/2019.

For the moment, I am going to withhold posting the post-tax NTA as I no longer have an accurate view on what the amount of tax payable is on the LABS shares/warrants that have been gradually sold. However I will go into some discussion below regarding this.

We can safely assume that the majority of the variance between pre and post-tax NTA has been driven by the gain on the LABS investment (which, for the most part, have largely been realised).

Now for some napkin math - please pull me up if the below doesn't check-out.

At any point in time, MMJ have been quoting a difference in pre and post-tax NTA of anywhere between 2-3c per share. Grossed up using 230m shares as the base, this equates to the 'effective' tax on capital gains being between 4.6m to 6.9m. Backing out the revenue/profit on these investments (tax @30%) we get $15.3m (lower bound) to $23.0m (upper bound).

Given we don't encounter any hiccups between now and June 30, we can expect to have a decent looking P&L for what it's worth.

Cheers,

CappMan