could vpg tank..?, page-104

Sydney, do you think orbis would be satisfied or buying shares if the nav was 20c or less. As shares are generally trading at about 39 - 50% of nav. Valad, centro, mdt etc are trading at about 15% of last nav due to the fact they have debt issues.

I think you will find nav now is somewhere between 40c and 60c once full year results come out, remember they have sold around 60% of the properties they wanted to to reduce debt. Now we do not know how close to book value they sold for but going by centro's sale announcement the average was 3.6% discount to book value.

Even if we extrapolate that out to average of 10% discount to book value, it is probably more than they valued them at in HY results.

I dont think that we will see further downward pressure on share price related to debt issues specific to Valad.