Takeover update?, page-9

The problem is no one will pay NTA for a business with a lot of dud projects still - they are still running off residual projects with fair value less than book value.

Good article in AFR a few weeks back saying that they are looking at a discount of about 10% to NTA but any deal won't be done until after half year results announced.

That sounds about right and would still be a good result from here - circa $1.40 if it gets done.