The Company still had significant cash on hand with $84M (as at 30 June). The Company had only a small amount of borrowings at US$6.4M, which at 30 June 2013 represented less than 3% of the property portfolio value. We note, the company has taken on some additional debt in 2H’13. Property expenses to rental income have declined to 56.3% from 61.3% in the previous year.

Aguia Resources Limited (AGR) is a junior exploration company leveraged to the fertiliser market. The company has interests in three phosphate rock and one potash project all located in Brazil. The company is seeking to become a producer in the near-term to take advantage of the significant fertiliser needs of Brazil, which are currently largely imported.

The company has the online platform for Ozlotteries. The company is expecting online sales or Total Transaction Volume (TTV) for FY13 of over $100m, from which it expects to earn commissions of approximately 23%. While the company is expected to face pressures on the level of commissions it can charge in the coming years as a result of increasing competition.

NewSat Limited (NWT) is a satellite communications company which currently operates two teleports in Adelaide and Perth. Between the two teleports the company owns and operates 23 antennas, up-linking to 17 geostationary satellites. Through these teleports the company provides remote and temporary sites with secure internet, voice, data and video communications via satellite.

In late November 2012, the company announced a significant increase to the exploration target at the Guadalupito Project in Peru. The exploration target was increased from 2.7B tonnes to 4.5B tonnes @ 6.1% heavy minerals. The increase was a result of new drilling and sampling results from prospects within the Project area.