significant changes

Over the past couple of months there has been a number of significant changes to the Company.
On the 25th of May in a posting to HC I indicated that I could not see where the Annandale Project fitted with the existing business plan and how it might relate to Point Grey.
Since then the new Board,at a shareholders meeting,spelt out very clearly the new directions for PBD.
From my understanding the company is to focus its energy and resources on the development of quality, inner city apartments with high turnover potential.
Furthermore they have separately dedicated particular staff to re-examine the best options for Point Grey and where it fits within their organisation.I suspect it may now have lost its 'Flagship' status.
In the past I have felt that PBD had too many balls in the air and that their planning was hijacked through their purchases of unrelated land assets. From large residential sites (Gidgigannup),small residential sites,(Dawesville, Melros), hotel site (Sthport),apartment building(Oceanique),Marinas and the residential developments supporting them(Pt Grey and Esperance),tourist accommodation and water supply (Peel Water).
Many of these assets were never going to be dormant and just sit in a land bank pipeline awaiting the right time to develop.They demanded ongoing attention and were accruing costs.
So it is now good to see a well spelt out focused direction by the company.

I also find very positive the new website and advertising for Oceanique. I believe it to be a vast improvement. It highlights clearly and precisely the lifestyle and opportunities Oceanique has to offer, without making claims that stretch reality. Well done.
I am not sure what the implications are for the withdrawal of FKP as an investor and the resignation of Stephen Court.(Which I predicted in my posting of 23rd May).
Certainly its image as a Western Australian company no longer applies.
Over previous years the company claimed that FKP augmented their own skill and expertise in canal building. They appear to have now lost that from both companies.
I understand that a major shareholder,Murpha, has expertise in marina and canal developments,but I do not know whether that is in the actual management of the planning and construction, or primarily in the funding. I also wonder whether the new Board would have ongoing interest in Peel Water.
In regards to Point Grey,apart from the Commonwealth approval for the channel and marina, there remains 2 issues for me.
The first relates to water.
The company claims that through providing the Peel \Water model they are saving about $40M in connecting to the mains from Pinjarra. However from my reading of the Water Authority approval,that approval is capped at the water requirements of only 1000 houses,not the 3200 houses planned. I understood that the cap was based on what they believed the water table could accommodate. Unless there is later information that I could not locate,it may be that in the future this connection cost has to be met,and possibly loaded onto home owners.
The 2nd issue rates to the proposed channel. There is ongoing contention about the speed of silting with environmentalists claiming that the company's research is flawed.(I think the Company said they thought dredging would be required every 10 yrs approx.). The environmentalists think about half that is more realistic.
The Mandurah City has stipulated to the State Government that as they oppose the channel they will not take responsibility for future dredging on their half of the channel. They are mindful of the massive and expensive problems at Port Geographe.
I can't understand this going ahead until payment of future dredging is resolved.