THE ENIGMA OF BAOF. Allan McDonald the Independent Chairman...

THE ENIGMA OF BAO

F. Allan McDonald the Independent Chairman made
No positive comment in his report WHY ???

POSITIVES since 31st December 2010

The carrying value of the investment in the APN
Vienna Retail Fund has been reinstated

From Orchard?s Essential Health Care Trust (EHCT
After 31 December 2010 BAO received $7.3 million
( not worth a mention ???)

Ex Gordon Property Trust the BAO is forecast to
receive a return of capital of $2.4 million ($1.61 per unit)in March 2011

FKP Core Plus Fund is winding up A return of capital
of $1.6 million is forecast to BAO. ( April 2011)

The wind up of the MAB Diversified Property Fund is
proceeding with a forecast 12 month completion date.
The value of the Fund?s investment at 31 December
2010 was $3.97 million

As at 31 December 2010, 16 of the 24 unlisted funds
are paying a distribution

INVESTMENTS
CFS Retail Property Trust was the only new investment
acquired during the period that was not previously in
BAO?s A-REIT portfolio

GO FIGURE !!!!!
LOOK AT THE FEES
LOOK AT THE COST OF THE CAPITAL
RAISING WHICH WAS FULLY UNDERWRITTEN
BY BROOKFIELDS ( The Milking goes on ??? IMO)