No News, page-8

Sorry, I did get a quick reply from Andrew Meakin, but I have had a busy weekend and forgot to post.

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Main points in his responses were:

- we have restructured the business and in so doing a number of large investors came
in, they looked at the previous policy which was to pay dividends from
realised capital and the new Board decided they just wanted to pay capital
from income, this has two results 1. We need to generate free cash income
and 2. Which is a sideline we need to sell down the single family homes -
which will ineffect generated from free cash from capital gains.

- we said at the agm that we did not want to announce a
distribution and provide the buy side (on the single family homes) a free
kick because we had a deadline to meet

- We want to get back to 6 monthly distributions, however we need to achieve a
few things before then

- I expect that you will see a number of positive capital announcements in the
near term, my next challenge will be to provide regular income

- In short we have stripped out a lot of inefficiency, we have improved cash
flow, there is considerable value in the assets, particularly patriots
pointe - I do understand everyone wants income paid regularly however

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I am happy with the answers, and while it doesn't answer when the next dividend will be, it does show they are working hard in the background. Hopefully we will have some positive announcements soon.