Ann: AGM Presentation, page-28

Yes - i get all that . For me the important pieces is the Venture is small, the developer is known in the area and the dollar committment immaterial relative to cash and cash flow, the areas selected are premium and one would expect the capital from sales to be reinvested so I woukd expect the dollar commitment to remain immaterial.
One could argue the distraction has placed a discount on the value of the business.
Very possible that they generate a margin of 40-50 dollars with current AUD and with no large capex remaining this will be Material .
Admittedly , given we are less than 7 weeks away from full year results , it’s good to buy in now and have to wait only a few weeks for the divi
Geoff Wilson from WAM likes to buy undervalued companies when there is a catalyst for a rerate and I think that Catalyst is low AUD squalling higher margins and cash flow and the end of the capex cycle seeing cash increasing materially

For me it’s a low risk ( limited downside ) medium upside investment - I think 30-40% not to much to ask over 12 months and with cash levels I will sleep at night