My best guess estimate for current NTA assuming no fire sales,...

My best guess estimate for current NTA assuming no fire sales, the latest ANN mentions “RJT is expected to be in a position to meet debt requiring repayment within the next eight months from existing cash reserves and operating cash flow”

So IMO we should have up to 8 months for an orderly sale of some of the assets

I have discounted the properties as follows, I don't agree with the 25% discount mentioned in previous posts that is unless we do have to have a fire sale.

Purchase Date ... Discount...... Value Bil Yen .... Discount Value Bil Yen
Sept 06……………….. 7% ………... 25.0 …………….23.25
Feb 07 ………………. 10% ………….47.15 ………… 42.43
May 07 ……………….12% …………14.88 ………… 13.09
Aug 07 ………… ……15% ………… 28.11 ………… 23.89

Note the “Value Bil Yen” column is the combined value of the properties that were purchased in that period.

Total value of properties as per Dec 07 half year results 115.14 Billion Yen

Discount total value =102.66 Bil Yen or $1.05033 Bil AUD (conversion rate $1 = 97.74 Yen Dec 07)

Current Assets Dec 07 ………………….. $257.146 M
Non Current Assets (discount value) .... $1050.33 M
Total Assets ……………………...………$1307.476 M

Total liabilties Dec 07 ……………...……$1088.914

Net Assets …………………… ... ... .... $218.562 M

NTA (411.7M shares) …………......... .. 53.08 cents

DYOR as this is a very risky stock to hold.