I allowed $600m very conservative for 48% of SMG so that is...

I allowed $600m very conservative for 48% of SMG so that is another $3 a share. SMG has debt but it is non recourse to SEV.

Lets round it off and say nta $11...it's no wonder SEV are buying back 20% (40m shares). That would leave them with about 170m shares with an NTA of about $12 a share.

I can understand highly leveraged companies trading under nta in this market but SEV is by far and away the strongest media company on the ASX and will be even stronger out the other side of the bear.

Kerry was very savy setting up with kkr at the market peak....he made a little boo boo parking money in equities but that aside is set to do big deals now....maybe with JP.

Back the truck up now with the divvy its under $6 effectively.