11c distribution, page-6

ex 11 cents distrib today

if directors of the iwi sre berren have their way no listed public market for iwi in est. 5 working days time

market does not think much of the directors holding an est 20% plus minority investment in an unlisted mis business nvfa ( a la great southern, timbercorp) in which the sre directors previously invested est $7 million of iwi unitholders funds in this business of a former berren ceo , without approval from iwi unitholders.

no doubt the directors will announce after the vote that the asset will be moved from the asset side of the balance sheet to the liability side.

hold iwi
selling at present sale prices but may buy back under 10 cents