thursday, page-28

"Valad expects to carry its equity in the DUKE joint venture at nil value, as at 30 June 2009.
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Duke NTA =0 ?"

yes I agree 123enen....

this could make Valad harder to value with the Duke assets and liabilities shifted from the balance to sheet to more of an intangiable asset, given the ambiguities on the exact nature of the deal and this not yet having been clarified to the market, any analysis on the NTA will need to take into account how they have valued Duke, and what the NPV of the Duke funds management business is, that is what Duke is now, not a tangiable asset/liability but a positive cash flow generating revenue stream (cash cow with risk taken by BoS)

oh and by the way still loving it!!

ProPunter