Ann: Funding Agreement , page-5

FWL gets 21.8% in SPV investment in exchange for issuing 111m FWL shares at 1.8c = $2m.

So the entire SPV investment valued at $9m ($2m/0.218).

The development cost is $670m which FWL does NOT need to contribute anything, but SPV investment only valued at $9m.

My view is TFA has problems with SPV and trouble selling properties.

How can you develop a project $670m and your entire company at $9m?

Meriton, Mirvac, Stockland etc their project cost millions to develop, but their company worth billions (I know they own shopping malls as well).

Say $9m company collect $900,000 net rent/income (10%, so PE ratio of 10... normal for a company) AFTER EXPENSES AND INTEREST PAYMENTS.

How can $670m development only collect so little rent??? They (this project) must got a lot of debt and interest payments, so net income is so low and SPV only valued at $9m (21.8% = 111m FWL shares at 1.8c).

If this SPV is extremely profitable, than SPV should be valued at $100m++. I'm confused, can anyone share some views?

Just IMHO.