>1) AEU note: "As a means of measurung performance, HAD the distribution been payable, initial estimates, subject to the full year audit WOULD have provided a distribution of aproximately 6c per unit, consistent with the most recent guidance." Very weird.... and may i say a bit 'Orwellian'.
Yes was very carefully written but all it is really saying is that the cash is there but it would be prudent to keep it rather than distribute it. From my perspective I would support it but agree the words are a bit quaint.
On another point I did a rough calculation on the sales progran where they have obtained better than book value on 13 centres but only expect 88% for all twenty. On my calc this means they expect to get just over 50% on the remaining 7. Given the state of the property market and the fact that the 7 are probably the least attractive this is probably reasonable. But again the wording is a little quaint but not misleading.
There appears to be a minor error in the info on the sales program for the development sites. The table lists the book values as 21.8m for Aust and 5.5m for NZ but the text suggests a total book value of 21.8m with an expected 25% writedown. I have queried management on this and will advise when I hear back.
I still remain optimistic on this stock and suspect some of the recent weakness might be tax loss selling before the end of the financial year. The fundamentals appear sound.
FET Price at posting:
23.9¢ Sentiment: LT Buy Disclosure: Held
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