ENE traded at $1-56 prior to the halt. IFT look to be still well out of the money at that price -
From the 2008 IFT annual report -
Hold about 28% of ENE - 43m shares approx.
MV of the holding was $207.5m as at 31/3/07, $110.3m as at 31/3/08.
At $110.3m, this represented a "decline of $59.7m from cost".
Therefore cost to IFT was about $170m.
M/V of that holding at $1-56 = AUD67.2m approx, say NZD85m approx.
Have I got it wrong somewhere?