Interesting to note the ann by LLP recently of the results of...

Interesting to note the ann by LLP recently of the results of their external valuations on their retirement assets. Discount rates moved from 12% to 13% from memory and this has resulted in a 5% decrease in value from Dec 31, 08.

Given that BEC transferred almost all of its retirement assets to the partnership at roughly book value, they might well escape at least 50% of any year end write down.

Maybe the Omanis received a "hospital pass"!

BTW...when you look carefully at the assets transferred, BEC still retain 2 villages...Mackay and Wahroonga.

Oh yeah...BEC own 11.5% of the Industrial Fund so presumably they will need to stump up for the offering as per tyhe ann.

More cash to be found but BEC are on the right track.