Roadster,Good question. see details from FY2008 presentation...

Roadster,

Good question. see details from FY2008 presentation below. 1. Most of VCS is in the form of preferred equity;
2. it has good sector diversification (with significant portion in retail and retirement village, and residential in prime sought after locations);
3. Geographical diversification
4. Total VCS exposure of AUD610mln

I would expect the retail, retirement village and residential VCS to be continued. Hence, it is only non-cash writedown, and reasonably low.

Not sure about the commercial and industrial ones (including Crownstone).

In any case, it is not going to be AUD530mln (or 86.9% of total VCS exposure). Hence, that is absurd comment in the weekend AFR.

I would also like to mention that the fact that CBA is a shareholder of VPG largely explains the involvement of 333 Capital by CBA.

They must have lost huge on their shareholding and thus want to work out the best strategy to increase sp. This is especially the case due to the announcement re Scarborough debt to equity swap at depressed sp.

This probably also suggest that CBA as a lender is not likely to pull the plug.

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VCS:
Page 34-40 of FY2008 presentation.
1. per page 36, it is worth noting that
-most (62%)of its VCS is in the form of preferred equity with mortgage over assets,
- only 10% is ordinary equity.

2. P37 shows sector breakdown of VCS:

-46% of commercial,
-10% of retirement,(Goldfield or other name?)
-16% of retail (eg. North Ryde shopping centre),
-7% residential (mostly in prime locations eg. shellharbour),
-11% industrial
-hotel 4%
-6% mixed

Geographically, 57:43 between Asia Pac and Europe.