to my fkp fellow shareholders (retail), page-4

To echo PP's sentiments,

The following chart of AEU may help...

In many ways, AEU in 2009 is very similar to FKP today. Whilst there may be games being played (or not) by large predators with FKP currently it is comforting to see that in AEU's case value was eventually recognised through a slow and steady de-risking of the business and confidence returning to the company.

Similarities include:

(1) Excellent yield at the low point
(2) Material discount to NTA - an NTA proven via asset sales
(3) A solid business model in a core area of the economy
(4) Large institutional holders

My estimation is that gearing now/ will soon sit at circa 33.5% if the recent asset sales and Aerial settlements are applied to debt.

The recent asset sales show that even the non-core assets are fetching circa 90% of NTA.

Morningstar estimate a conservative 1.8c dividend for FY13 or 8.4% yield at today's price.

Operations are cash flow positive and debt roll over is likely to be on better terms than previous (see AEU, CMW and GHC recent announcements talking about better terms on offer).

We may bump around here for a while but I don't see us going too much lower but then the inevitable must occur...i.e. the SP moves toward NTA and a more comparable PE and yield to its peers.

People like me have been recently attracted to FKP and the more people that are the less opportunity there is for 'game playing' as the free float is sucked up and the simple demand vs. supply equation kicks in.

Cheers
John