asset value over 36c per share

LIST OF PROPERTY OWNED BY EBG:

*Aspley Shopping Centre $22.5 million
*Banksia Beach Shopping Village $10.05 million
*Aspley Arcade Shopping Centre $14.15 million
*Home Hill Shopping Centre land (next to Aspley Arcade) $1.553 million
*Ashmore Tavern (refer to attached note below)
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ASSETS:

Investment property = $48.253 million
Property, plant and equipment = $15.792 million ($15M ashmore tavern)
Cash and Inventories = $3.453 million
Intangible assets = $1.882 million
Available-for-sale financial assets $207k
Other receivables = $397k

Total assets = $69.984 million
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LIABILITIES:

Borrowings = $36.016 million
Deferred tax liabilities $5.040 million
Creditors = $2.791 million
Provisions $6k

Total debt = $43.853 million
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NET ASSETS = $26,131,000.00. Less the minority interest of $146,000.00.
= $25,985,000.00 divided by 70,974,845 shares = 36.61cents per share

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So, net assets are worth $26 million and the recent market value at 14.5c a share is $10.3 million.
In other words the market values EBG at the value of their Banksia Beach Shopping Village complex worth $10.05 million and (according to the market) the other properties are worth Zero.........a sign of how insane this market really is !!


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Note:
The Ashmore Tavern is owned by Eumundi Group Hotels and is and managed by Eumundi staff. Income is from Hotel operations, retail liquor sales and gaming. The land and building assets shown in the accounts under “Property, plant and equipment“ are valued at $15 million.