steering clear from lpt's, page-36

Emark if you look at some of the commentary previously.

VPG values have been dropping circa 25+% to december 08(please someone with the actual number feel free to update mine).
The companies NAV has dropped from circa $1 to 50c (still above a 10x from current share price).
The returned an operating profit of some 14mil which I believe was primarily based out of recurring income.

I do think there will be further pain to come valuation wise, however how much I am not sure.
VCS could go to 0? All be it projects like North Ryde Shopping centre in Sydney, are on track from reports.

Interpret the above as you will.

The one interesting point is that the UK government have just begun quantitive easing and will be affecting it through the purchase of corporate bonds and similar instruments.
It is believed that this will free up credit markets on through the UK which should have a positive effect on VPG given that they have a significant outstanding debt with HBOS.

All of the above are thoughts etc of mine and should not be used to make investment decisions. Ah come on no one would listen to me for investment advice any way...