Ann: GRR - Quarterly Report for 3 months ended 31 March 2018, page-14

For the last 5 years I have been a property development finance specialist and come across many development requests for developments circa $1 - $10M.

I have seen some questionable development proposals and some of the biggest idiots are in the game and still able to make money. Most have been benefitting from the old proposition that as time goes on, property prices keep rising. By self financing, GRR avoid additional costs involved such as additional valuations, inspections, estab fees, interest on debt, line fees on facility. I would just like to acknowledge the likelihood of big loss is nominal especially in the scheme of other operations. I remember when channel 7 merged with a coal mining company and thought that was bloody crazy but then it happened.

Some of my wealthiest clients acquired wealth via property development either as a primary or secondary occupation so their is usually much possibility we make money out of this or at worst break even. I probably rather them do this than purchase shares in another overvalued on-market company. My favourite option is for them to do large buyback thus putting more liquidity in the stock to obtain fairer share price value.