Pete,I am inclined to think that your view is approximately the...

Pete,

I am inclined to think that your view is approximately the case. I remain very keen to see the next set of accounts. Traditionally, they have issued a profit update in late July and the accounts come in late August, so we haven't long to wait. I am quite certain that there will be a good NTA kick in the next report. I believe UOS are likely to always trade at a 'safety' margin short of their NTA in Australia, but given their long and successful history, I retain the belief that in time, the gap will close to a more sensible level.
As for the 'consolidation' of UOADEV, I believe it will be consolidated. Under the accounting rules as UOS own over 50%, they must consolidate UOADEV as a 'subsidiary' company. However, I too would hope that there is some very clear delineation as to what is owned where in the next set of accounts.
In any case, the margin of safety is so wide here, I remain unconcerned. Regards - Eternalgrowth.

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