I did a quick back of envelope calculation and worked out around 50% margin of safety is still intact.
Ken - GPT's own presentation, not 2 days old has NTA @ $1.37 - assuming 1:1 issue, +50bp interest and BNB JV = 0.
Thats not far from your calcs - but what is A LONG way from your calcs is the debt% - they have 29% flat gearing and about 37% look through.
How does that reconcile with your 49.5% ? If they doing all this for 49% gearing its utter crap given that if its that close - then theortically they just breached their covenant again with the AUD hitting 0.60 odd vs US .... eesh.
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