JL, I agree we are in a good position but the next stages are a...

JL, I agree we are in a good position but the next stages are a big leap.

Why new blood? Well new blood brings new funds; also could disrupt us a bit but if our BODs are doing a good job then they will get behind them.

if you compare us to say BCI (one of my other favourites) they have sold a story of big project with substantial $1.1bn capex but already secured $450m of $700m of debt through NAÏF and the remainder of funding, $400m, will come from equity which is in part funded from their IO royalty income. The clarity of message is great and plays not only to existing shareholders but also institutions and banks. They all know what bit they will share. Moreover they all know their bit is limited and therefore I suspect that they are more focussed and keen to get a chuck of their smaller share.

We are at a point where lots are sitting on the sidelines thinking, “there’s no rush; there is plenty to go round. I won’t miss out and in fact if I wait it will get cheaper! “ Well our BODs need to start talking as if you might miss the boat if you don’t jump on board soon.

More players is good but more bigger players is better as it should reduce volatility. The more players who believe that if they sell out now they will miss the real gains; that is my nirvana! FOMO - secret of the Australian property market, is as relevant to moving our shares from speculative to growth.