top ryde, page-4

Hopefully not.

While no response received, an email sent to Valad a couple of weeks back included the question:

"5.The Top Ryde development is still included on the website. According to news releases and previous correspondence, the understanding is the Valad has no further financial interest in this project. Assuming this is correct, can the website be updated accordingly. If however there continues to be some relationship, can this be clarified."

I noticed yesterday that the VPG website had been updated and under the developments page both Top Ryde and the Toowoomba development were no longer there - only Sheraton and Goldfields remain.
(http://www.valad.com.au/real_estate/australia__new_zealand.html).


Further a response to an email some months back regarding Top Ryde included:

"In relation to your question regarding the ongoing financial liabilities in relation to Top Ryde, the outcome of this restructure (as set out in the release) is that 'Valad will be released from all obligations pursuant to the existing credit support arrangements'."

So given their reply last year and the fact that Top Ryde no longer appears on their website, the strong assumption is there is no liability. If however this is incorrect, there would be some pretty serious questions raised.