assets announcement, page-2

Hi Lagoz

I was very pleased to see the NAV looking so strong still...yes, even on a fully diluted basis with all options converted we will have an NAV of $1.28 against the SP of $1.02.

In relation to your comments about where the price should be, I think it is totally a circumstantial thing. The holders of options will also be holding Fully Paids (FPOs). It is in their interest to see fewer options converted and they also need cash to convert...so sell some FPOs!... that gets the price down to maybe discourage some holders from converting (= higher NAV to the remaining holders) and provides them cash to convert at the lower conversion price.

I am very confident that post-conversion (last trading day today for oppies I think), within a couple of weeks we will start to see a recovery. Especially with the share buy back still operating and the fund holding plenty of cash to invest. Still around 7m FPOs can be bought back under the arrangement.

fwiw, I hold a reasonable number of oppies and am posting my cheque to convert them today (closes on 19th January from memory). Very good value investment even on a simple basis, but even better if one looks through to the terrific suite of underlying assets in the fund.

regards
DF