Guthrie GTS

[freedom]

(i) assuming that the Transaction had been effected at the end of the Group’s
financial year ended 31 December 2010, there is no material impact on the
net tangible assets per share of the Group of 70.8 cents as at 31 December
2010 as a substantial part of the revaluation surpluses for ARML and ARML II
have already been reflected in the fair value reserves; and
(ii) assuming that the Transaction had been effected at the beginning of the
Group’s financial year ended 31 December 2010 (i.e. on 1 January 2010), the
earnings per share of the Group for the financial year ended 31 December
2010 would have increased from 10.8 cents to 17.5 cents. The increase in
earnings per share is due mainly to the transfer of the fair value reserve for
ARML and ARML II to the income statement upon the realisation.

probably the above can explain why there is not much reaction.