just-a,
I would suspect its FX hedging for SHI ....
I would also like to see them do a buy-back, however, with the fwd capital for land development (subdivision) and any new development on "cleared site" - I don't rekon their is heaps of spare cash.
it would be nice to hear abt their "exit strategies re boundary bend etc.
I am not impressed by the use of third parties to do the investment (re croundfunding and third party asset management).
rgds
V_H
Ann: Half Yearly Report and Accounts, page-15
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