1st good day before many good days, page-7

I sincerely believe what I have stated. However I don't hold shorts while the SP goes the wrong way. I'll happily wait until the excitement dies down, and consider now info along the way.

I really can't see any extra value accreting from the demerger. It is not a good demerger IMO. It is nothing like when EGP and TAH demerged -where it was quite obvious each business needed to be managed quite differently from the other. The international business is not going to be highly sought after I expect. Would be far better to divest these businesses, except that we need to pretend otherwise.

Joe - Barangaroo will be filled to the gills with pokies like Melbourne. Sure it will attract high rollers, but they are competing with everywhere for that business, including Crown Melbourne. It will be a truly great development, but the competitors will not just do nothing. Also regarding the high rollers from China - social change is a gradual risk to that business, as well as to pokies.

The property trust is a bit of an issue similar to MYR selling the flagship stores. Strategically MYR would be far better off with those properties, short term it was great for PE.

Good luck