JP26,I agree with what you say and add;At the moment I am...

JP26,
I agree with what you say and add;

At the moment I am building retail premises which 5 years ago would have an overall cost of around $600,000 and taken about 4 months from conception to completion. So far it has taken that time just to get approval and the extra conditions placed on the development along with "contributions" and extra costs will add around $200,000 to the job. I will then have to find satisfactory tennants before there is income.

Now remember that Centro own quality real estate, fully tennanted with quality performing tennants. This property was revalued down during the GFE and is valued now at much less than replacement cost. Even with this the NTA is much higher than the market cap and this NTA excludes the value of the management rights.

So I see no valid reason for the SP of the new entity to be less than $2 when trading resumes and every reason for it to approach $4 when it returns to paying regular dividends. I'm happy to hold for now. I'd be much happier to hold long term if I had more faith in the board.