Interesting to note that current assets of the company (after...

Interesting to note that current assets of the company (after extreme devaluations of commercial property) are around $20 million and current market capitalisation is $5 million.
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In the "Top 20" share holders:
5 increased their positions.
1 became a new holder.
2 sold.

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*Note: the number in front of the name is their postion in the top twenty holders.

Increased postions:
6. Phillips Consolidated Pty Ltd 2,000,000 (added 1,200,000 shares).
7. Archer Management Pty Ltd 1,422,000 (Added 327,304 shares).
8. Mrs. Tracy Fraser 1,463,045. (Added 163,000 shares).
11. Bawden Custodians Pty Ltd 1,160,000 (Added 300,000 shares).
15. Atkins Steelcraft Pty Ltd 1,010,804 (Added 199,804 shares).

No change in holdings:
1. De Luca Group Super Fund 7,982,311
2. Ganbros Pty Ltd 4,968,855
3. Ganboys Pty Ltd 4,730,190
4. Gansons Pty Ltd 3,868,490
5. Jalsea Pty Ltd 3,308,914
9. RBC Dexia Ltd 1,430,000
10. Mr. J M Ganim 1,326,400
12. Chriswell Pty Ltd 1,107,681
13. Dreamtouch Pty Ltd 1,107,681
14. Nipruma Pty Ltd 1,107,681
17. Hatfree Pty Ltd 917,500
18. Michael J Punch 912,225
19. Atkone Pty Ltd 750,000


New holders:
20. Ruminator Pty Ltd 750,000.

Sold out:
Asset Custodian 994,204.

Sold part of holdings:
16. Natpac Financial Services Pty Ltd 1,158,932 (sold 222,517 shares)
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Massive writedowns in property valuations put a dent in 2009 financial figures.
IMHO The company will stabilise in early 2010 and should see solid recovery in the later stages.
If they had a fire sale tomorrow and settled their debts, the net return in shareprice would be around 29c per share.


The low liquidity/volume of shares traded, combined with the overall caution/uncertainty in the stock market, creates a massive distortion of true value.
In the past 18 months the assets of the company have fallen by 20% from 36c per share to 29c per share....and yet the shareprice has fallen 80% from 34c to 7c.
No wonder the top twenty have shown their support by buying any lose shares that come on offer.
I was lucky enough to get a few at 6c, which will make the recovery all the more enjoyable.