talked to company, page-14

joca

Don't be too despondent - APZ is still a sound company - BS makes some good points but when the tide of sentiment turns the share price will recover -

Heron12 is on the money too - the fundamentals are sound - gearing at 27% - divi's from free cash flow and so on

Most on HC are hung-up about the two directors and whilst I have no argument with their comments the business is still well run with many hard working people

Whilst the Satellite funds will have to be re-arranged most REITs have been through the mill in some form or other

APZ have written down their assets harder than almost all other REITs and have raised 72 Million to add to the balance sheet and are still paying a divi where many others have axed it altogether

The results will be out on the 31st of August and as Heron12 points out it will give us all an opportunity to gauge the current status of the business

Don't forget commerce must have somewhere from which to operate and as the worst of the downturn seems to be behind us the pressure on rental space outside the CBD will see valuations stabilise over the next 12 months in my view

I hold for the Divi and will continue to for the foreseeable future

Only my views - suggest people form their own

Clyde