CP1 Ltd could have another crack at selling the land segments it ownes at Martha Cove in December 2008 if the RBA reduces the cash rate by a further .5 percent. However a new agent or agents should be appointed.
I understand that the land at Martha Cove has already been written down in its books at 30 June 2008 to the current market value.Developers or builders would be prepared pay the asking prices I have been advised by Colliers International.
There is also the impending sale of the Paradise Resort half owned.
The balance sheet shows current inventories $71.2 million and other inventories of $294.3 million. If these can be liquidated $365.5 would be realised.
CIY Price at posting:
9.0¢ Sentiment: None Disclosure: Held
