Yes I still hold. I respect Avery but I am not a fan of the...

Yes I still hold. I respect Avery but I am not a fan of the major shareholder. Leaver.

The issue as I understand it was the get out clause that Marsden Park status changed as a result of NSW and the flood risk - So Mirvac withdrew. The land wont yield the same profit and CVC are locked into it right now.

The dividend got pulled.

Then they made this statement:

"The Board is not in a position to provide an estimate of full year profitability. Again, this is largely due to the nature of the investments within the portfolio and the way their values are recorded in the accounts of the business. It is not forecast that significant divestments will be concluded in the remaining part of FY 2024.
The major aim of the business in FY 2024 is to add substantial value to the value of its investments and to ensure it is best placed to deliver on the potential of our portfolio which has been cultivated over a decade. The Board looks forward to reporting progress of this endeavour in the coming periods"

So they are not going to do buybacks if they may need the cash... Then its going to take the coming periods to report on their endeavours - so this is bottom drawer stuff and also its not one period but a few.

I think its undervalued and my estimate is around $2.50 to $2.75 depending upon what Marsden Park is now worth...If you hold LIC you will note the slowing property sales completions.

I think we will have a few periods of uncertainty and or a low ball offer from Leaver.

The sales today was a bit strange - the seller waited all of 2 minutes and 20 seconds to knock 9.5c off after accepting the $1.75c bid..All this for the last $1000.

I think they will just put all of this on ignore and leave the market to just do what it wants..