I think more interesting than the results is the language used...

I think more interesting than the results is the language used by Robert Tsenin in playing down what has come about.

I know that the underlying business is still struggling,but lender group must be looking at the change in property valuations more positively and even though Dec 2011 represents a big speed hump by way of refinancing of debt the change in direction over the last six months of property valuations is encouraging.

Should the pattern continue then a swing from negative to positive equity is feasible.

The capital structure and gearing is still too high and while this is not a last gasp it is certainly a more positive outlook.