please explain why, page-33

In my inexpert opinion.. much of the "earnings" of this company are what i would consider "low quality" and based on re-valuations. I would guess they would have to re-value lower next year.

I base that on my inexpert belief rising interest rates would see commercial property valuations fall.

Notes to the property details in the annual report 30th June 2007 make interesting reading.. especially note number 3) !!!

Looking at the balance sheet (Im not an expert) but if I were to revalue all the properties down by around 20-25% (just because Im a pessimist).. would that wipe out all equity?

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This is all my inexpert opinon.. do your own research
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