Patherzen,
Am I reading this right? Any Comments?
Consolidated Balance Sheet (Preliminary) at 31 December,
(Restated)
$'000 $'000
Fixed assets 1998 1997
Investments 1,327,914 1,300,944
Total assets less
current liabilities 1,667,761 1,588,420
Deferred taxation (13,318) (6,069)
Long-term insurance
reserves (1,276,115) (1,211,108)
long-term liabilities (880) (1,609)
Shareholders' funds 377,448 369,634
Looks to me the Net asset value of $377.4 million $23.44 per ADR , includes the 1.327 billion in investments,
Someone mentioned 15 private companies totaling $100 million at their cost, Is this the 1.327 billion in investments at market value?
1) 1,377,467 shares of NetGravity (NETG) at $57/ share = $78 million @ market value
2) 2,605,864 shares of Net Perceptions at say $30 = $78 million @ market value
3) The $6 million initial investment in XLNT could someday be = $78 million @ market value.
4 ) LPGLY's share of ConvergeNet Technologies. could someday be = $78 million @ market value .
on to
15) could someday be = $78 million @ market value
15 companies x $ 78 million @ market value = $ 1.17 billion in investments at market value???,
Are these 15 companies the $1.37 billion in investments listed in the balance sheet??
This statement in the news release leads me to believe they are
*The Group has amended its accounting policy with respect to the valuation
of listed equity investments. Listed equity investments were previously
included within fixed assets and stated at cost less any long-term decline
in value. Under the new policy, these investments are included within
current assets and are marked to market with all changes in their market
value recognized in the profit and loss account for the period.*
Price/Book value comparison as of 4/13/99 close
CMGI = 20. 5 x book value
SFE = 10.6 x book value
WCAP = 8.7 x book value
BGF = 6.5 x book value
PWCC = 4.6 x book value
LPGLY = 1.2 x book value
good luck on your investments
John |
