Any comments about which actual figure one should be looking at...

Any comments about which actual figure one should be looking at for NTA. Should one look at the before tax or after tax figure? Any comments please on this.

Going on the before tax ARG looks like reasonable buying at the moment. I guess with the market going so strong people believe they can do the investing / trading themselves.

Argo have a nice tidy holding in MBL, BHP, MLT and AUI amongst other companies.




The net tangible asset backing of Argo Investments Limited shares at 30
April, 2007 was $8.07 per share.

The Company is a long-term investor and does not intend disposing of its long-term investment portfolio. However, under current accounting standards the Company is required to provide for tax that may arise should the portfolio be disposed of on 30 April, 2007.

After deducting this theoretical provision, the above figure would be $6.81 per share.

A list of the top 20 investments by market value as at 30 April, 2007 is set
out below.


Macquarie Bank Ltd. 328.9
BHP Billiton Ltd. 189.5
Milton Corporation Ltd. 182.7
National Australia Bank Ltd. 158.5
Australia and New Zealand Banking Group Ltd. 130.5 Telstra Corporation Ltd. 124.1
Australian United Investment Company Ltd. 122.1
Rio Tinto Ltd. 111.0
Westpac Banking Corporation 99.9
Wesfarmers Ltd. 99.2
Commonwealth Bank of Australia 92.8
St. George Bank Ltd. 90.4
Woolworths Ltd. 90.3
AMP Ltd. 66.9
Rinker Group Ltd. 59.9
Orica Ltd. 52.1
Woodside Petroleum Ltd. 48.5
Westfield Group 47.8
Foster's Group Ltd. 47.6
Coles Group Ltd. 44.9


Yours faithfully,
ARGO INVESTMENTS LIMITED B.R. Aird
Company Secretary