what the market was looking for, page-9

Haka I agree.

By my estimations there is enormous profits yet to be unlocked in the Goldfields house development. there could be as much as $200M profit if this deal is seen through to completion.

Pentridge redevelopment is similar with profits to be harvested each year for the next decade. I expect we will see fresh capital come into all these deals which will provide greater ability to complete deals, unlock profits, and release some equity currently locked in the projects.

Kimco is pregnant with Valad. As an unsecured creditor (convertable note holder) they will be very open to hear options for their repayment which may require fresh capital to support current projects. Kimco have deep access to capital. Kimco gain nothing from standing over Valad. they will aid Valad to "workout" deals so they have a better chance of getting their $200M back in 2013.

Earnings numbers don't include any new fees from new mandates. This will be forthcoming.

Asset revaluations will have to turn positve from here. In fact I believe an earlier post highlighted the point that valuations for the last 6 months (to June 30)had gone up however it was the first 6 months of FY10 that dragged the yearly number into negative territory. If that is true I expect we are already improving our valuation since June 30.

My only concern that didn't get addressed with any clear solution is the $200M debt expiry in Sept 2011. they still have plenty of time and also have $80M cash on hand and have a pool of attractive commercial assets to offer as security, so it will most likely be fine. it would have been nice if this got extended 3 years.

My Outlook for Dec 2010 - Ebitda $40M for 6 months, uptick in valuations 1%, $200M debt roll over concluded, 1-2 new Euro mandates (adding to FUM), new capital coming into play with one or more Aust projects, share consolidation compete.

My view only. Enjoy the ride to prosperity although it may be a longer journey than most ahd hoped for (me included).