worth a look, page-12

This ASX announcement today will help to clarify many of our concerns It has lifted the SP about 10% so far so it would appear that it has been well received
Obviously distributions will be slashed but even 2.5 cents for the full year will give a return of 10%
IMHO it is worth a look



ASX Code: GPM
ASX ANNOUNCEMENT
COMPANY UPDATE
_________________________________________________________________________________________
Annual Results Timetable
GEO Property Group (GEO) confirms it expects to report its full year results for the year to 30 June 2008, on 28
August 2008.
Earnings Guidance and Distributions
GEO reaffirms previous guidance of full year operating Earnings Per Security of 8.1 cps, before various one off
items (including internalisation, debt restructure and other MFS related issues, adjustments to the carrying value
of assets and the net impact of sales of investment properties) and after fair value adjustments arising from the
FY07 merger with Villaworld Limited. This is subject to audit.
As previously advised GEO is reviewing the carrying values of its investments and, as property values have
generally declined since 31 December, expects to write these down as at 30 June 2008. This write down will
impact on the net asset backing of each security. Whilst this review process and audit is not yet complete (in
particular, independent valuations have not yet been finalised) the directors expect that GEO is likely to incur a
loss for FY08 after accounting for all one off items.
GEO is reviewing its expectation for FY09 earnings. Budgets suggest that based on current operating
conditions remaining constant FY09 operating earnings (calculated on the same basis as above) should be
about the same level as 08, but the markets in which GEO operates remain unstable. Further information will
be provided when GEO reports its full year results.
As previously advised GEO is reviewing its distribution policy. Including the quarterly payment forwarded to
securityholders earlier this week, the distribution for the year ended 30 June 2008 was 8.9 cents per security
compared with profit (calculated as above) of 8.1 cents per security. Distributions are unlikely to be maintained
at current levels. An announcement about this is expected to be made at the time of reporting full year results.
Capital Realisation Program
As announced on 18 June and 10 July 2008, GEO’s capital realisation program remains ahead of schedule and
the Group is in advanced negotiations or in the process of finalising due diligence and/or documentation on the
sale of $81 million of assets. Combined with already completed sales the program has realised approximately
$188 million.
Banking facilities
The success of the capital realisation program has allowed GEO to reduce its banking facility limit to $400
million, six months ahead of schedule. The reduction is expected to generate savings of approximately
$125,000 in fees. The enhanced funding facility leaves the Group in a sound capital position with a strong
underlying business.
For further information please contact: SHARE REGISTRY
GEO Property Group Computershare Investor Services Pty Limited
Ground Floor, 9 Ouyan Street Level 19, 307 Queen Street
Bundall QLD 4217 Brisbane QLD 4000
Website: www.geopg.com.au Telephone: 1300 651 684
Securityholder Queries:
Email: [email protected]
Telephone: 1300 552 434
Further