Any restructure looks like it won't take place until end 2011....

Any restructure looks like it won't take place until end 2011. And this may even be just a proposal at that time.

If a dilution were to occur then this would start from there real nta of around 54 cents a share. So even if NTA were to half at this moment in time due to dilution it would be 27cents share with low gearing etc.

By 2011 I think our NTA may be alot higher then it is now with less gearing and higher property valuations. Markets should by then return to normality. Valuations have only just started to increase.

As it stand with the higher aussie dollar and recent hedges been closed off our NTA is probably sitting around 40c now. That is not including the 21c in equity in superllc.