Ann: Centrals Awarded Beachfront Property Development Project, page-11

Thanks - interesting to see the developers were liquidators come luxury devleoper. It says a 6 m price for the acquisition from stocklands, which added to the 500k they spent on hustling around befor ethe purchase. A 50 million project value - Centrals was only doing the bulldozing for the size and prep right - no actual construction: so I would have thought the value captured of that 50m would not be huge. Certainly not the 6-10million in revenue in prior years to support the undervaluation and cash flow surpluses of the past.

I think it would be timely to get an update of their overseas foray potential and not to mention local work - as surely the order book is near dry now. My fear is the june 17 report will certainly show a drop into cash negative territory which would put the previous cash per share backing into a negative light. Would be keen for them to stay in surplus.