a very high yield at 21% gross, page-4

Hi Dirk,

Agree totally re:yield. Their latest presentation indicated an increase in EBITDA for FY10 due basically to having more inventory with newly opened resorts & hotels. Their general occupancy was down in cities on a year for year basis, and very high in regional premises. Gearing is a concern, but believe its well managed. The only real issue with this stock is liquidity as if you hold a large parcel then it's incredibly difficult to sell and sellers are always dumping into the 40.5 / 42 c zone and leaving a few token shares at that level on the buy side so it can build. As soon as it builds it gets sold into again. It's hard to see the price rising in the short term.

Not sure odds on capital raising further down the path, or whether they will ride things out and pay down debt as needed through income.

Kasper