Campesimos, re the breakdown, they have 2 assets, one is Patriot Pointe mutifamily complex which they last valued at USD25mill, with borrowings of 13 mill or so against that, and also the tranche of Cleveland houses worth around 1 -1.5 million. They said zero debt on the houses. I recall in one of their financial staements there was 2 mill tax liability if not mistaken So netted out say 11 million in assetts ( unless I have missed something) At current exchange rate thats about AUD 13 mill. There are 34. 5 million shares so gives 37.5 c, a bit more than my original estimate of 36 cents. Meantime there would be some earnings accrual (rental payments by tenants) as no divvy from actual earnings has recently been provided, so say 38c or 39c NTA.
On the other hand if we take the last NTA announced prior the 15 cents capital return that would give 42 cents
Whatever, the NTA is currently somewhat more than reflected in the share price. I note one of the substantial shareholders topped up at 36 and 36.5c cents in the few days leading upto Xmas and during the Xmas/New Year period, so doubt the NTA is south of 36.5c
USR Price at posting:
36.0¢ Sentiment: Hold Disclosure: Held
