agm summary, page-6

Hi guys,

Congrats to holders on some pretty positive moves over the last few weeks, here is my two bobs worth as a fellow holder post the AGM. DYOR of course, as I am just a mug punter.

- The management will be more than aware of their fiduciary duties to shareholders, particularly the chairman Brett Heading being a highly regarded corporate lawyer. I really cannot see there being any further impropriety on the directors behalf as the Brisbane media have a bulls-eye on TCQ. It would literally only take a phone call to a journalist and the headlines would flare up again as some of the dodgy stuff that went on was big news in Brisbane only not that long ago. I think this constant shadowing is a great thing.

- I consider the receivership risk to be minimal now following the de-leveraging, NAB are obviously onside and the LVR is a comfortable 60%. I am happy to load up again at current prices. Though I can see pressure on the register for a wind up appearing very quickly if management can't soon stem the circa 65% discount to NTA.

- I think a few things make this one interesting from a corporate activity POV - we have a rumored overseas placement, big holdings from the current management team (Chris Morton and Steve Leigh) and now another local property identity has shown up on the register.

- A share price of 9 cents whilst the NTA is looking at around 25 cents is a huge margin of error, and again I really believe we will see move for a management buyout. possibly in tandem with a third party.

- Watch for Trinity selling the remaining half of their funds management arm.

Good luck to holders, I am accumulating with a view to seeing the share price settle in the mid teens, though who bloody knows with these micro caps!