something really really fishy, page-11

The NTA maybe $1.72 but that does not take into account the intangible assets of the value of its management rights to its management funds. We know the Asia fund ex japan is worth $400 mil because they just bought 50% of it from Macquarie albeit in shares which Macquarie have subsequently been flogging. The asia fund is a small part of their funds management platform.

I think the reasons for the current selldown are :

(a) Fear that the distribution will not be as declared.
(b) Further writedowns of property values.
(c) Macquarie dumping shares.
(d) Underwriters dumping shares from recent retail offer.
(e) Funds stupidly rotating capital to take up issues in
other property funds raisings.

I will wager that by the 19th December (Friday next week) the sp will be 90 cents plus if not $1 plus !