Solid Growth and Financials, page-18

Hi Birdlives,

I have been thinking hard about your comments and decided to do a bit of homework before I bought anymore shares. And the reality is that given the value of the assets, namely $128 mill or thereabouts, I thought (and now think) that the increase in value (using professional valuers) is very modest. In the case of the last fin year it is less than 1% increase. It is also pleasing to see that they have halved the carry forward losses over the last five years.

I cannot comment on the accounting rules however I am happy I bought in at 34 cts rather than some others at 75 cts etc. Assuming they continue to lift occupancy rates and manage to trade profitably then the value of the real estate will underpin the SP. JMT

ps I have recently added to my holding and I like the fact that the directors have significant skin in the game.