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Yep, another downward revision on forecasts is coming. Possibility of lenders pulling the plug cannot be ruled out if writedowns/loss is material. In any case I'd be surprised if VLL trades anywhere higher than the teens when it reopens.
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From the selling....it appears that ITG and Austock are dumping the stock each selling around 2mil shares at pretty much any price...but lots of buying from smaller niche brokers.

 

I have bought some more as I think at least now management appear to be coming clean and stating all the facts.

 

Plus having ING in the corner can't hurt as they are going to take the good and the dud sites off the companys hands.

 

only issue the income from the development profits is lost, but some of these may have also have been losses.

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2 more important issues :

 

1/ABN Buying (they were the largest decent broker) came out of Brisbane which could be directors

 

2/ITG sold an exact amount of shares approx 10mil and only 100k in purchases so hopefully they are out.

 

Stock should settle now and recover into the new financial year.

 

My tip is that its fair value lies between 35 - 50 cents but given the relationship with ING and directors intentions to turn the business around this could rise quickly if more deals are done to improve occupancy at existing homes.

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