selling well below asset value

Net Tangible Asset backing per share (NTA):
Company Profile:
Argo was established in 1946 and is a long-term
investment company listed on the Australian
Securities Exchange (ASX code: ARG).
Argo shares offer investors a professionally
managed entry to the share market.
The Company has no debt and has a market
capitalisation of $4.3bn, which places it within
Australia’s top 100 listed companies.
Argo’s objective is to maximise long-term returns
to shareholders through a balance of capital and
dividend growth from a diversified Australian
investment portfolio.
Investment Process:
Argo uses extensive research and direct company
visits to identify well managed, listed Australian
businesses that operate in sound industries, have
good cash flow and the potential to grow
dividends.
The Company seeks to buy or add to its long-term
holdings in those businesses at times when share
prices compare favourably to long-term
valuations.
Low Management Costs:
Argo is internally managed and does not charge
fees to shareholders.
This internal management structure helps to
maintain low operating costs. For the year ended
30 June, 2012, total operating costs were 0.18% of
average assets at market value.
Dividends:
Argo has paid dividends every year since its
inception. In the past 12 months Argo has paid
two fully franked dividends to shareholders -
2012 final 13.0 cents per share
2013 interim 13.0 cents per share
Share Registry enquiries:
Computershare Investor Services Pty. Limited
www.investorcentre.com
Telephone 1300 350 716
Post GPO Box 2975 Melbourne VIC 3001
The NTA as at 30 April, 2013 was $6.91 per share.