Solid Growth and Financials, page-20

Annual Fair value increase of $1m is after a $3m value increase at H1, there has been a degrade between the periods. Their strategy has a ceiling and provided they acquire cheap properties with high yields it can be maintained, however as there has been no new announcements of acquisitions to keep up the momentum, this strategy will surely fail in time.

Some of profits from the Terranora project will probably have to be used to pay down debt instead of being wholly used to acquire more villages.

Unless they announce they will somehow acquire 2-3 villages this half and provide a clear strategy on the Adelaide SRF's, the risk here isn't worth it. If they do manage to get through this it would still take a significant amount of time before we see 79 cents again.

Eureka are not developers or project managers, they are retirement Village operators. Therefore like many roll up companies this has failed to focus on it's core business and keep the market informed. After all, market prices reflect information and this is probably why limited news has been flowing since year end.. to avoid further price falls.