I think there's no way to wind this company up to realize the...

I think there's no way to wind this company up to realize the value because you cannot sell company's properties at market price(or even small discount to market price) in a day/week/month. However you may be able to realize 70% of the tangible assets given the estimated elasticity of housing demand.

My take on this company is purely for the buyback, speculative in nature. I too believe property in Australia won't have much growth for the years ahead. Gold coast is a dead market, hope that is in the price already!