was going through the books, page-5

Don't know who you are replying to, as some are on ignore, but i absolutely concur haka.
IMHO valad have always told it like it is, much to the chagrin of some shareholders,they have taken the bitter medicine first and have an attitude of "lets head them of at the pass" when it comes to the credit crunch.
They do not try and paint a rosy picture and have enough self confidence to not release announcements every other day to try and appease flibbertigibbet shareholders.
They lead the way down for reit's on sp because they made the hard decisions early, not like a lot of other reit's ,who now are fessing up and their sp is now tanking and many have a lot further to fall ,as they will be cutting dividends and instos will savage them.
This market is a shocker and you would be a fool to think that valad is bullet proof,this is a very bad downturn and a reality check is in order ,do not put more money on valad then you can afford to lose.
IMHO it will survive or be taken over (a luxury not many reits have at the moment) by you know who,if you are in at a low sp you stand a better chance of not doing your dough,if it survives,how do they say it on this forum? it will be a multibagger.