Pyne Gould Annual Report.
This was pointed out at the PyneGould AGM today. See Annual Report, note 21, page 34. :cool:
Carrying amount of PGGWrightson, 30 June 2010 was $113.7m. Market value at same date was $$69.4m. ...not fair value. An independent valuation was used as an alternative value. There are no impairment issues necessitating a write down. :)
So the value of Wrightson is calculated at 82cents a share, not the current market value of 55cents a share. A 25 cent difference which must be due to either the market being wrong or PyneGould valuation being wrong. :confused:
Take your choice, if PyneGould is wrong then their share price is too high. If Pyne are right then Wrightson are undervalued by 25 cents at least. I think PyneGould are right on this one. :p