congrats to all!! what a beautiful day!, page-11

I worked mine out on the following
38c as announced plus around another cent with the last of the hedges been close off
5.6c / 2 (20 percent reduction in earnings from last year)
however i have not taken into account that some of the earning will superllc paying into itself and nullifying itself as it will then be come impaired due to negative equity on CNPs behalf.

We will probably get a few cents extra with Some small writeups.

Last release (june 10) There was impairment written back, I am not sure why this occurred.


Oh and some information i read in todays paper.
There were 10 bidders for CNPs property in adelaide. As i posted previously this was sold at 15percent premium to book value.

I also read that there is another bidder for Centro Properties who is the same size as Blackstone.

It is all in the Australian (prime space section)

But keeping this in mind and Management hinting at writeups for this coming release i feel very enthusiastic.

I don't expect a 15 percent writeup but I believe we could get around 10 percent by june valuations if the world economy keeps healing the way it is. Far from the 30 percent that these properties have dropped from.

By my calculations i put Cers NTA to be around 60cents by june and this does not include SuperLLC.

I think Cer's equity in superllc sits around 20 to 25c from memory. This is not included in any of Cers NTA ..... YET :)