email from our favorite mate sent to me at 5:22pm today. I guess...

email from our favorite mate sent to me at 5:22pm today.

I guess the decimal place for "earnings of 87c" he mentioned is not correct.

As I see it, due to the unusual one-off loss from both sale of properties and its VCS interest, cash earnings was only AUD14mln which equals to 0.87c/share. Had it not been for this, it would have been a lot higher.

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I honestly do not know what holders were expecting but this is better than expected. The market is pricing in extinction and the last minute panic yesterday was proof of that, yet the results tell a totally different story.

Some of the positives to come from the announcement are:

• Earnings for 6 months equal to 87c per share.


• Asia Pacific debt package secured, covenants removed 12 month extension


• NTA of 51c cents per share, only down 21% yet what has the SP currently factored?


• 300m in asset sales, which is ongoing if necessary


• Cash backing alone is AUD214.7mln/1608mln = 13.35c/share, which does not include the property portfolio.


• While income remains robust with limited near term lease expiry

They have secured much needed breathing space in regard to their covenants and it is business as usual.

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