The ultimate question is: "What is NZF worth?"

They have about 100 million shares on issue.

Currently they have equity of about 10M - they have written off 10M from the NZF Money receivership. However, if they were accurate in their impairments valuation; and the receiver is being too conservative - they should see some of this written back.

With the half year contribution from NZF Home Loans; the proceeds of the NZF Home Loans sell down - lets say, on balance they can maintain about 10M in equity. The assets will be 50% of Pero and 25%, say of NZF Home Loans.

Going forward, they will be an investment holding company with a couple of performing assets. Lets say they can generate 1M per year with very little in the way of corporate expense. There should be growth in NZF Home Loans and a recovery in the profitability of Pero.

This would justify a 10 cent per share valuation, as a minimum. There are very good growth prospects, as well.