agm, page-10

Great post Major...and I agree with most of your well considered points.

I'd add the following.

(1) SGP takeover of retirement assets pretty well dead and buried in the short to medium term.

(2) Agree with synopsis on NTA but I cannot see the price at around $1.60 to $1.70 in 12 months time for these reasons:

(a) I'm not sure that FKP has participated as fully in the mini property boom as others have because their land lots are largely at the more expensive end and possibly outside the first home buyers. Certainly Pt Cook was slow in August and I had this confirmed by a local agent. Peregian is more expensive as well.
(b) Things are slow on the commercial front.
(c) Is A2 in Sydney selling all that well?
(d) The retirement industry is trying to crank up...but we have a ways to go before we participate fully int he DMF income model
(e) I still think there will be write-offs in 09/10 which willput a modest operating profit into the red.
(f) The 1 cent dividend doesn't encourage the yield seekers to invest or hold. In fact the only way you can crank out a decent ROI in FKP is to trade.
(g) Too many other decent investment opportunities. I reckon the HC thread on FKP is a damn good illustration of this. Its like a ghost town now. They've gone chasing resource stocks and the like. I know I have downgraded my FKP holdings after the SPP.
(h) FKP is still carrying some negative press and it is perceived by some as a poorer quality investment.

My punt on a 12 month SP range is in the $1.10 to $1.30 area.

I'd love to get the thoughts of PB at the AGM. He usually lets out a few sales figures that you don't see in any anns. Can anyone help here?

I'd be interested in sales results for Point Cook and Peregian...plus unit sales for A2. Also whether they think they will get Runcorn away this fin year.