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Sefton Group

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Interesting - Auldyn Properties Ltd now owns 38% and is registered in Jersey. Some serious share ownership changes...

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The Castle Mona has been re-classified in the accounts because during 2011 the Directors took the decision to put it up for sale so instead of being under "Assets under the course of construction" it is now "Property held for sale" - at a value of £4m.

no way is that worth 4m

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Does anybody know how the Economic Committee's enquiry into the Government's bale-out of the Sefton Group is going, and when the results will be made known? It all seems to have gone very quiet........!

Its Manx Litfest this weekend, they were hoping to attend a seminar on creative writing first.

Brilliant!

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Is the 4m valuation of the Castlemona an independent valuation ? or is it a figure plucked from thin air ?

 

So many property holdings are overvalued on the market to either assist in re-financing or to appease shareholders !

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Is the 4m valuation of the Castlemona an independent valuation ? or is it a figure plucked from thin air ?

 

So many property holdings are overvalued on the market to either assist in re-financing or to appease shareholders !

They can put whatever figure they want on there. When you've got friends in high places who cares if it's accurate.

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The auditors.

 

It is precisely their responsibility to assess whether the value is reasonable. The accounts need to be "true and fair"

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The auditors.

 

It is precisely their responsibility to assess whether the value is reasonable. The accounts need to be "true and fair"

In today's depressed climate, is £4m really a fair estimate?

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I am not a property expert.

 

but

 

I would expect the Sefton Group to pay me to take it off their hands.

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Hoe much is the land worth, though?

Summerland was offered at £5m with a dodgy cliff, is it much bigger?

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Hoe much is the land worth, though?

Summerland was offered at £5m with a dodgy cliff, is it much bigger?

 

Possibly Summerland is a better location, but that cliff is a liability and legal nightmare. 4m for Castle Mona - with an economy on the up and Douglas thriving I would say yes, but in today's climate...

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Anyone remember how much the carpark at the sea terminal went for? That was quite a bit.

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The auditors.

 

It is precisely their responsibility to assess whether the value is reasonable. The accounts need to be "true and fair"

In today's depressed climate, is £4m really a fair estimate?

that's what they paid for it at the height of the market

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Hoe much is the land worth, though?

Summerland was offered at £5m with a dodgy cliff, is it much bigger?

its not sold either, summerland is worth nothing

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