whats webster worth?, page-5

Craft a good post. Do you farm in Tassie in view of your comments on onions and carrots?

I would mention a couple of things

1. There is hardly any tax payable by WBA on its TGR holding if sold at $1.65. The carrying cost in WBA is $1.63 (June 09 a/c's) so this would make your figures look even better!
2. Sandhurst Trustees is Bendigo Bank. The shares held relate to clients of J M Group/Equities in Melbourne, but do not know if that includes Errol Stewart
3. WBA will likely sell all or none of the TGR stake because it can equity account TGR profit (need to hold 20% to do so). This flatters WBA figures and helps to hide the appalling performance of the trading part of WBA. 09/10 half year figures include NPAT from TGR of $3.06M when it received only a dividend of $1.1M from TGR. As I have mentioned previously WBA should distribute all/most TGR shares to WBA shareholders with a rights issue at the same time.
4. Discrepancy in NTA to share price in my view is due to the chronic cash burn ($4M in 1st half),lack of profitablity and weak TGR sp. Strong $A would not help either.