JadelThe annual report doesn't say how the $4.3m of 'property...

Jadel

The annual report doesn't say how the $4.3m of 'property outgoings and mortgage loan advances' was spent.

No doubt it includes additional fees charged by FTI, Castlereagh and Wayne Jenvey’s HWL Ebsworth, that have been allocated to specific assets. That is in addition to the $1.73m of consulting and legal fees allocated to expenses.

Kooralbyn and Creswick Resort would have had large outgoings and are 'complicated' enough for FTI to have billed healthy amounts. Castlereagh would have billed for selling the NSW assets, Tweed Heads and Port Macquarie.

Assets like Kooralbyn and Creswick are impossible to 'freeze'. Kooralbyn needs 24hr security and someone to mow the grass and Creswick, though operated by Novotel, still needs things to be done. Has anyone else been to see them?

That does mean they should be managed sensibly and efficiently. The question is whether Mr Beddall needs to employ highly paid consultants to undertake basic management tasks?