eps artificially high - no tax, page-10

For me, the beauty of the Terranora Village acquisition is yet to be fully appreciated by the market.

Stay with me here.

- Purchased the Village 80 unit site and attached vacant land (5 hectares) for $7million. Site is currently at 100% occupancy with a waiting lists.
- Selling 3.5 Hectares of land which will be subdivided and used for House and Land packages for $4 million
- Sell the 80 units on-site for somewhere between $12-14 million. Boosting net cash.
- Retain management rights over units to be sold generating 250k Ebitda annually.

Re-invest the windfall from the above to build a next generation Eureka Village which will comprise of 125 units expected to generate $2 million EBITDA annually. Those on the waiting list will be filtered into the new premises no doubt but EGH will still wipe $250K in management rights even as resident migrate away from the existing village.

If that isn't a thing of beauty, I don't know what is.