Ann: AOG Half Year Results Presentation, page-19

The NTA is ridiculously discounted. I can’t work out if its just future value that hasn’t been realised and will come or there is something terribly rotten that I can’t see. I have been with it since it was FKP.

I've been in since FKP too. Please correct me if I am mistaken, but NTA has been based on in-house (director) valuations, not valuations by an independent party, so I doubt the $3.92 figure was ever legit. I have not yet had time to see if they are still using in-house valuations for our current NTA figure of $3.83. I've been in a lot of AREITS and most have undertaken either 100% independent valuations or say 25% director/75% independent, so AOG's lack of independent valuations has always been a concern for me.

The report is pretty much a sea of red. My guess is that they've received only low-ball offers for the business, so they know we won't get anywhere near NTA on a sale. They are therefore attempting to temper our expectations so as to get a sale over the line, by releasing a "biased to the negative" report. If one of the bidders is a related party I would not be at all surprised if they "talk down" the business to remove as much wealth from we pleb shareholders as they legally can.

On the plus side, if all those deposits become sales then the 2nd-half looks dandy.