wow, page-23

What a disappointing day. Unfortunately this downward trend is continuing. If I did not have so much at stake I would have been out long ago. I have been searching for news that could justify this latest drop. There was an article recently concerning a property at Bulwara road which Valad had an interest in. Westpac had refused to refinance and so Valad will probably loose their equity. It turns out that the value of this investment had already been written down to zero so this has nothing to do with todays slide. Centro went up today. Their debt ratio is around 80% compared with ours in the mid 40 s. It is not bad news that is driving down the price but a lack of good news. We need to hear about progress in extracting capital from the developement investments that are sucking up income that would otherwise be used for distributions. One good deal will put a rocket under this puppy. The lower the price the higher the bounce will be when it happens. Hopefully the AGM update will help.