Ann: Independent Valuations and Leasing Update, page-22

And I'm saying if you think its significantly more it is you who lives in that fantasy.

Lets say the co brings in circa $11.7 million in lease income from the three properties assuming they're more or less fully occupied.

I've got $3.5 million in management fees and direct property expenses.

That gives EBIT of $8.2 million

$4.1 million in interest expense annually.That makes pre-tax profit of $4.1 million. adding in the $200K for the Artarmon property that would make it $4.3 million or 3 cents per share.

Obviously there would be a focus on the accuracy of the management fees and the direct property expenses which are presently set at $3.5 million annually so lets make it 3.5 cents, give them a bit more .

We'll have a better idea in August when the full year is released.