don't understand, page-6

Some very rough figures on SEV:

Cash = $1.355b (reported as $1.3857b in half-year report but has since made investments in PRT and WAN)

WAN shares = $230.7m

PRT shares = $22.9m

ENG shares = $5.5m

TLS shares = anyone's guess, but probably at least $400m

Just these assets come to a total of $2.014b and this excludes any other investments in listed companies as well as the SMG joint venture.

If we then subtract the equity raised through TELYS3 (4,963,640 outstanding at face value of $100 each), we get a figure of $1.518b). Divide this by the number of ordinary shares on issue (190,260,281 as at 27.12.08) and the assets per share comes to $7.98. This puts the current SP at a 30% discount to NTA.

But how long will it be before SEV trades at fair value?