eofy results!!!, page-4

Excellent announcement, of course. Huge thumbs up to the management, very professional, controlled and measured job done in difficult environment. Christmas cards are in order, and possibly even a hamper.

A bit of a twist with 3c of NTA appearing and then disappearing almost instanteneously. This explains the 5 mil payment that they received (the capitalist dudes must have felt they were getting a real bargain well below valuation, so must have felt generous), but the net result is as expected, in other words, very good.

Gearing is now very respectable. At gearing levels of 65 odd percent, we should be much closer to NTA.

The only mistery remaining is who is selling at less than 30% of NTA? I understand some discount, but trading for less than a third? Meagre volume admittedly.

My preferred way forward is obvious:
1) pay off Mirvac loan from cash flow
2) buy back some shares in FY12.
3) start paying distributions in FY13.

My only disappointment is that they did not allude to 2) but nothing stops them from announcing it later.

The other positive is that 17c NTA is based on revaluation of only a part of the portfolio. IMO, if all properties were revalued, NTA would have been substantially higher.

Not only IMHO this is still a multibagger from here, but also a fairly safe one. Well, at least compared with a vast majority of junior explorers.

I am planning, by the way, to contact MIX and ask about any possibility of doing a share buyback. This, I believe, will be the best use of cash flow as well as repaying the Mirvac loan. Should it occur, SP should quickly move into double digits, and NTA will rise substantially, especially if they manage to get them at under 10c.

Congrats to all holders, and thanks to MIX management for a job well done.

mlc