re: Ann: Update on asset carrying values and ... APZ did very...

re: Ann: Update on asset carrying values and ... APZ did very well up until the GFC wereupon the had a net loss on 0809 og 63M. The two previous years were both a net profit over $70million.

So they have had their GFC loss this represents a second round of writedowns, which to be honest is quite ciommon. The lows in commercial sites were a long way and a long time from the highs.

So at these guys have seen their markey cap peak in 2001 at $630 million. Now down to about $210m.

AS for not telegraphing the writedowns in advance I would say the language of thier announcement re the half yearly profit had the language to imply valuations could be a problem by 30 June 2012 when the annual valuations are done, I have been caugt by this before. I was expecting some writedowns but was surprised by the extent of the awritedowns.

Maybe the board has lent on the valuer to be more probling in its assesments.

development companys writing down their holding is, regretably, quite common. The fact that everything was written down in one period makes me think the board is applying a new broom approach. I pay the writedown were a pesamistic assesment not an optimistice assesment.

They have reasonable cashlow so should be ok.

Expect distrbutions to restart after about a year.

Good luck all.