there are gone, page-10

not quite gone, but down for the count VLL may well have 20c NTA (at 30/6/04), but that will now likely be squeezed somewhat or wiped out altogether.

An extensive review culminated in the 10/5 revised downgrade. Now, 2 weeks later a further downgrade is contemplated. This downgrade will likely revise down FY05 profit outlook to breakeven, with a writedown in asset values culminating in an overall loss for the year.

I doubt that it is all over, but something has gone well and truly awry in the last 2 weeks. If not known about 2 weeks ago, then what has occurred in the past 2 weeks may well prove truly troubling.

If (and that may well still be an operative point, "if") they resume trading, I doubt that VLL will trade much above the mid-teens (15-20c).

The property slowdown has actually hit the listed REITs /builders, etc (and their investors) much harder than individual bricks & mortar investors.