Good points @Pioupiou - can I be a sticky beak and ask what your...

Good points @Pioupiou - can I be a sticky beak and ask what your average cost for those 193,000 shares are? You're living my passive income dream! I am not sure what age band you are but assumedly you are a lot older, and therefore have had time to accumulate. Being a Gen Y I haven't had the luxury of building a large enough position, I have been itching to do so in the $0.80's now but alas just as this comes around I am tied up with my first home - interest takes up half of my disposable income now, and a pending engagement (and we all know the year or two after that all your money goes to saving money to hold a wedding ).

My goal would be to hit the big 100,000 shares mark, only since I'd love to bank their 10 cents dividends (when it returns one day when the cycle improves) - on the road to my first $10k in passive income.

On your points: I think the succession thing is important. I don't think John has flagged his retirement - does anyone know his age? I should probably do some checking later in the week. As someone noted in the recent response to his holdings change: he has continued to add to his indirect holdings via the superfund.

The hard part is he does it in dribs and drabs, so while it was only a few dozen thoursand shares each time, I did not believe it had added up to so much - 750,000 shares I think the poster mentioned??

Either way it's great to hear the vote of confidence.  The only things that concern me is when escrowed shares to Hanssen or the like expire will that symbiotic relationship still exist? I would hope we can continue to function - but that reliance is also adouble edged sword too if the relationship goes sour or we are suddenly lost without our regular construction partner (if we ever part ways).

I do not think the apartment glut will be as bad as commentators say, but there is definitely a slowdown in filling up apartments available for sale in some of our key projects. Cost of the JV's seem to be covered with sales (as reported with a few projects) - however it is those unsold apartments which we need for the profit/cream on top of the cake.

It would be good to see some more suburban infill around satellite city areas i.e. in Perth one would argue Armadale, Cockburn Central, Mandurah , Innalloo as satellite 'areas' out from city. I have noticed a myriad of apartments near Cockburn Central way, and I am not privy to their success in sales, but I would think more affordable inner suburban apartments that could be on smaller scales, could be some quick injection of income for FInbar?

Then again their focus and partnership with Hanssen may not allow such small , numerous projects to be undertaken without affecting the business model.

WIth your point #2 - the share buyback model has not seen the light of day for most of this year - it seems they have stopped to conserve cash. Not sure how moot this point will be, as I think by the time they restart the buy back (when times are better) the share price may have risen anyway, partially defeating the whole point of buying back at the low.