re: Ann: Update on asset carrying values and ... Clyde is correct,
The write down we're backed by cash. APZ has lent cash to the captive development syndicates. Some of the cash went to them in the last six months.
Basically they have recognized the fact that the cash went up on the wall.
Ther only reason it was not a cash write off on the day they advanced the money was that there was a gap between the cash going out and recognition of the money probably not coming back.
Their previous outlook statement was a bit ludicrous given the short time for the change and it's severity.
Good luck all
re: Ann: Update on asset carrying values and ... Clyde is...
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