Ann: Mahalo Initial Development Plan Update, page-13

Under $55k of share traded has wiped off 6% or $10million from our market cap as I type.

I may have posted this before some time back - if so I apologise if I am repeating myself:

20 people own a house which the estate agents have valued realistically at $1 million.

Each of the 20 owners holds a 5% equal share of the house.

19 owners sit tight quite happy to let their 5% shares go up in value as the market strengthens.

1 owner is strapped for cash and manages to find someone to buy him out for $20k quickly as he needs the money.

The market does no more than look at the last sale/purchase transaction and concludes that if 5% is worth $20k - the house therefore is worth 20 x $20k = 400k.

Yet the houses on either side and in the next block are still valued at $1 million and a few which have been tarted up for sale are getting interest at $1.5 million.

Never a better example of the madness of market valuations.