ALZ australand property group

And Gobbo, despite his professed knowledge about what he's...

  1. 1,214 Posts.
    And Gobbo, despite his professed knowledge about what he's invested in, doesn't understand that ALZ's own auditors insist that they note the fact that their so-called "property trusts" (which contain the Gobster's much vaunted, "not just a property developer" assets) are 100% reliant upon their parent company (ie. the property developer) to maintain their solvency. Hence, this disclosure (repeated in each trust's financial statements):-

    Going Concern
    There is a current asset deficiency at 31 December 2006 of $90,111,000 (2005: $84,386,000). This is due to at call interest bearing liabilities of $83,035,000 (2005: $78,233,000) owing to a related entity, Australand Holdings Limited (“AHL”). The Board of AHL has provided a letter of support to the Board of Australand Property Limited that they will not call upon the loan until such time when APT 4 and the Trust are in a position to be able to repay these loans. AHL will also continue to provide funding for APT 4 and the Trust to meet its debts as and when they fall due.


    Go back to the pineapple farm, Gobbo. Because, sure as hell, you don't even understand the simple stuff!!!

    Eheheheheheeeeeeeeee!!!! You really have NFI, do you?
 
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