refinancing, page-6

Port Bouvard have more bad news to come in the future when they have to pay off the land in Gidgegannup. They owe another payment of $30mil next year of a contract for around $90mil. The writedown bad news is that they have paid around three times what the land is worth, only about $30mil max. They have already paid the first installment of $36mil, which is more than the lands value. Recent announcements from the WA Planning Commission relating to rural land renders much of this land useless to them.
I would not lend them my money.