Cut and paste from the Association website below, its almost...

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    Cut and paste from the Association website below, its almost worthy of a HC ramp with those sort of figures and summing up - maybe "The Castle 2: CNP"



    The Debt Stabilisation Agreement that will cause shareholders to lose up to 90.1% equities was not approved by Centro’s shareholders.
    Centro Properties Group has in fact no serious operational problems at all, only the asset valuation issue due to current imperfect accounting policies that was addressed by PM Kevin Rudd in his UN speech on 25 September 2008.

    • In the financial year 2008, Centro had normal underlying earnings of $323 million that was attributable to ordinary shareholders. It equals $0.38 per share .
    • Centro’s net service income was $209.5 million in 2008. Centro’s service business was valued by KPMG at $5.5 billion in 2007 and was not added on its balance sheet. Centro’s service business should be worth at least $3 billion in a normal market.
    • The occupancy rates in Centro’s shopping centres are still over 90% in today’s difficult market. It indicates that the underlying operating performance of Centro is still very strong.
    • Centro’s gearing and book value will be dramatically improved if the true value of Centro’s service business is added to its assets.

    The Australian government now implements the bank guarantee plan to help local banks to ride out this global credit crisis. In return, the banks should help, not exploit, Australian companies in the currently difficult economic environment. In CNP’s case, since CNP’s assets and income are strong, the banks are obligated to extend CNP’s debt. Because official interest rates in both US and Australia have been decreasing and the global credit markets have been easing, the value of CNP’s property investment will be further enhanced.

    We are the true owners of Centro Properties Group. Let’s unite together and try hard to defend the values of our investments in CNP.

    Yours sincerely

    Rebecca Nooren
    Assistant Secretary
    Centro Shareholders’ Association

 
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