I don't think there is any mixed signals at all.They have been...

I don't think there is any mixed signals at all.

They have been saying for sometime that they want to separate the retirement arm from development.

Of course doing so in a way that creates/retains value for shareholders is still a challenge.

The main focus is to get the share price up to the current NTA (and not the NTA down to the current share price) in the medium term which has been stated numerous times.

While I'm sure they aren't happy with the current share price I'm sure they aren't altering the long-term plan based on some short-term price weakness.

The obvious plan is to consolidate all retirement through Forest Place Group. Again the logistics in doing so aren't simple though so while I hope there will be an announcement prior to the profit result, this isn't a short term play.

Also, if you ignore the share price and focus on the announcements they have been executing as planned:

- sell down of property trust assets at or around book.
- cash generation from sell down of retirement assets.
- simplifying the business by winding down Core Plus Funds.
- Sale of Gasometer 2 at a profit.

There's obviously more work to do but appears to be on track.