if you want to discuss something......, page-8

I can't see the point in worrying about these ratios and relationships. They are academic no more no less.

The figures that matter are;

1.Is the business trading profitably. Yes it is.

2.Is there loan repayments due that can not be met. No

3.Is there sufficient cash flow to service the debt. Yes.

4.Is there sufficient profit for a dividend payment to shareholders. Yes

5. Are the assets priced at realistic prices. They are probably priced below realistic prices.

6. Is there room for an increase in asset values as economic conditions improve. Yes there is.

7. Are hedging positions controlled. Yes

8. Are the tennancies secuired. CER has sound tenants with a good mix that trade well under adverse conditions.

9. Is the business well managed. Yes.

I challenge anyone to put forward a question that would be answered in a way that reflects badly on the prospects of CER.