With the release on 02/02/10 the writedowns where indicted. They...

With the release on 02/02/10 the writedowns where indicted. They wrote down asset values by 1.6% which I believed to be excellent and shows the turning of the market. I believed this would drive the SP however it resulted in a decent drop in the share price. GO figure!

When you consider core earnings last year where 68Mil for the full 08 - 09 peroid. the writedown of 1.6% of the assets or 22Mil as it equates to would indicate there is a chance we could see a profit for the 6 months to dec 2009.

these trusts are designed for stability. While the GFC have caused massive instability. Now that we are seeing the end of the GFC we should see some stability return to the stock. This means when we see our first profit it is likely we continue to see them and see them grow as the health of this trust returns.

Also with a measly 1.6 write down it will only take a small turn around to see a positive figure on this. Once we see positive figures then LVR will be meet on loans. Profits will be returned and divendence reinstated.

MY gut feeling is if directors really where super worried about this trust we would have seen CAP raising, Debt for equity swaps agressive sale of assets. We have seen none of this. I feel this is because the directors are confident of the trust returning to profitabity soon.