Ann: Net Tangible Asset Backing, page-30

Agree with you on BKW being the best value. I suppose the main difference on the property side is that BKW holds A grade mature assets for income whereas URB is trading in much smaller projects and "flipping" them. I was hoping that we'd have a complete settlement of Kingsgrove before the results announcement next week but that isn't looking very promising. I was also hoping for a 1.5c dividend but I think that we'll be staying at 1c