Hi Clare,Here are my initial numbers (still need some...

Hi Clare,

Here are my initial numbers (still need some checking)...

	Investment Properties	24.0
1	Undeveloped land being sold	139.7
2	Current value of under construction	219.6
3	Property in Dec 2021 report	383.4
4	Still to spend to finish projects	130.0
5	Total Property costs	513.4
6
7	Profit on future sales	143.3
8	2 years of admin	-32.0
9	Carried forward capital loss	-9.0
10	Tax to pay on future profit	30.7
11
12	Franking credits now	62.6
13	Credits after future tax	93.3
14
15	Flow to shareholders:
16	Sale of undeveloped land	209.2
17	Sale of Homes, retail, investments	480.1
18	Franking credits	93.3
19	Cash	119.7
20	less
21	Spend to complete	130.0
22	Admin	32.0
23	Debt	165.0
24	Other net liabilities	36.3
25	Future Tax	30.7
26	Net ($m)	508.3
27	per share divs	$3.03
28	per share credits	$0.68

	In summary, from June to Dec:
1	They started the period with $499m property, $13m cash, $169m debt.
2	The now have $383m property, $119m cash and $165m debt.
3
4	The overall NTA is down only a few cents despite paying 30c in divs.
5	More of the NTA is now in cash, more certainty around unsold properties.
6	I increased my valuation by 10c on these numbers.