my revised nta take is now 1.32, page-12

One thing Im concerned about yesterday's announcement is that the devaluation of the Australian portfolio of 10% is slightly misleading.

Yes the value of the portfolio may have decreased from $1.95b to $1.75b ($200m) but remember there were 3 properties sold within the Australasian portfolio in the second half of last year.

They were Southport, Meadowlands and Barringtons.

Total proceeds were about $80m or so that would have been used to repay high interest Australian debt.

The sale of these properties contributed to the lower Australian portfolio value as at 31 Dec.

CER should have emphasised this in the ann.

The $80m will need to be added back to the NTA calc I came up with at the beginning of this thread. $80m is about 3.5c per share.

Cheers