what the market was looking for, page-4

I was hoping net earnings would have been higher, the interest costs are too high, and in fact the whole leverage is still too high.

Haven't had the time to look at the results or incentive plans in any detail but wouldn't be surprised to see encouragement for directors to be taking a bath this year with heavy write-downs so that the 2011 fin year is a bumper one and they are rewarded through incentives.

Takeover target IMO, I'd expect the offers to come in shy of NTA around 12c with scope to move upwards to 13c, valueing the funds managements at zero of course. Gearing level is tolerable for the big players, if a Stocklands came in they could remove the debt down and still make a killing