Ann: Market Update, page-25

ok- I miss read the nta, the 113 was baf

But apparently

• Pro-forma Net Tangible Assets (‘NTA') of $160.0 million at 30 June 2018 incorporating a $13.8
million expected impact from the adoption of AASB 15. This represents a pro-forma NTA per
share of $2.06.

This confuses me- what about the the rest of the -59 m?

From memory their nta was 1.82 to 2.23 in their last accounts- seems
Like a small drop considering the revaluations

If it’s going to be 2.06- then the price premium has now finally gone and it’s trading at a discount to book

A book value that is unaudited and coming down

But anyway- anybody got a take on that statement above- does it include the balance of the -59 m?

Thanks