my revised nta take is now 1.32, page-52

Hi Defab,

Thanks for the confirmation.

I would be interested in hearing your take on how the financial and strategic position of CER compares to another listed property company Dexus (DXS).

In the recent DXS half yearly report they announced assets of $9.6 billion, borrowings of $3.5 billion, equity of $4.9 billion, and NTA backing of $1.33 per share.

These numbers are not unlike CER's in actual fact.

However, the DXS share price is around $0.7, a discount to NTA of about 47%, while CER's share price is around $0.045 and a discount to NTA (using your "conservative" estimate of $1.30) of around 96%.

Obviously these numbers are a simplified comparison but I would like to hear your opinions on how the stocks compare.

Regards

dc1