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[sharechat] BRY ntav.

From:	"DR" <kat47@bigfoot.com>
Date:	Thu, 15 Feb 2001 15:23:06 +1300

Reading the circular to shareholders from Brierley, they appear to be capitalising some of the reserves into the share value (smoke and mirrors?) but analysing their ntav as quoted as $US 0.265 as at 30 June 2000 it would appear that the ntav in $NZ is 58.8c

Adding the change in the Thistle price 154p (now) v. 127.5p (30/6/00) would add another 7.4c to give an up to date ntav of 66.2c. That's a discount to ntav of 49% as of today.

Obviously BRY management hope to get some of the extra capitalisation (11.7c?) into the share proice to help Greg Terry get some of his options away at 65c.

Some hope!

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