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09:08
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Originally posted by joewolf
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This is what I attempted to post a few days ago: it failed for some reasonIam not sure what you mean. Are you saying the NTA assets are not there? My viewis simple - The assets are there but we don't get much of a return frombrickmaking at the moment and over a long time the market ( and myself ) hasviewed the brickmaking business as mostly worthless. Its captive capital thatgenerates returns but at times the deep cycles means that the return is prettypoor. My view of this business is that its market value is made up of itsinvestment in SOL and then the property in the JV. The Brickyards business youget almost for free. The brickworks I see as a feeder for the property JV -They are assets that generate poor returns until the sprawling city growthreaches the brickyard and by then its fully depreciated and mostly used up.However the land value has grown and as such its a desirable JV addition. Thedeeply cyclical business isn't ideal for a listed entity in Australia we liketo value the business based upon its franked dividends.
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Yes, good post there….haven’t read all of today’s report but the legal action is certainly not highlighted….think it cost ‘em $14 m though!
(20min delay)