what is the real nta?, page-2

It's around $1.22 after the massive placement in August.

That's still an unbelievable 38% discount to NTA and in any event, the NTA does not account for the follwoing two items:

(1) The premium due in the retirement portfolio for its development pipeline (my back of packet val on this is around $300m) and
(2) The mandatory valuation at the lower of cost or market value for trading stock. In the case of the Peregian land the costs is below the MV and there may be as much as $200m to $300m in here.

Based on total shares now been 1.16bn...that's an additional 50 cents or so per share.

Real market value is therefore $1.72.

The BIG question is though...can it earn around $300m to generate an acceptable ROI of say 15%?

I have my doubts for the next 2-3 years.

So its a case of suck it in and grind it out.