hy report, page-2

This isnt as bad as it seems.

The structure of the company is using high leverage(accounts for the sp fall)to take advantage of increasing asset prices over a period of time. As the leases expire the belief is that the property prices will be higher - however in the short term will probably fall. The NTA is well above SP (90c vs 31C)so by my calculations the asset prces would have to fall approx 15% before the NTA would get anywhere near the share price.

However the loans are mostly NC , and the leases are all long term with good tenants. So doesnt look like any problem with the banks. Therefore over the medium-long term property prices should rise and NTA will go above where it is now.

The only question is when. Kinghorn has been a buyer at 60c , so I cant believe 31c would scare him. But if anyone else needs to bolt due to margin might see more weakness.

I bought at 33c (trigger happy finger) and would like to buy more but doesnt seem much weakness today as I was hoping.