I think there is not much chance the NTA goes into the $6's again. The NTA in JPY terms should continue to rise slowly and does not move much. The AUD/JPY rate is where the volatility is.
A good percentage of UOS is commercial, but your right in regards to the top shareholders.
Im not sure re the top 20 shareholders.
Here is the bal sheet which shows the debt.
Ann: AJA Full Year Results to 30 June 2016-AJA.AX, page-18
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