Ann: Full Year Results - Investor Presentation, page-43

Given cranes are being sold in the market well in excess of NTA, BOL depreciates far more quickly than offshore peers and it has already impaired its asset base materially, the true NTA is likely north of 31 cents. Hence, a buyback is likely value accretive up until 35-40c at least. Key thing is that asset values are procyclical.....we could see BOL start to reverse the impairments (write up NTA) from the last few years given current trough earnings and the strength of the cycle coming. Buyback will quickly bridge the NTA gap (>50% upside) on that alone and on my estimates will commence in February.