I agree with your figures and also agree that it doesn't make sense. However, the market is not always as efficient as some might suggest, so this would be a good time to pick up some MLT shares if you plan to hold them for a long term. They are likely to, at some stage, trade at or above NTA so with the discount (by my calculations) currently at 8.6%, this means you can buy $1 worth of top-quality assets for only 91.4 cents. Or in other words, MLT shares would have to rise by 9.4% to reach fair value.