23 December 2005
	DCM: real estate S&J LAND By Michael Coulson

It could be a long haul for a return Ord price: 60c 12-month high, R1; Market cap R25,8m Low, 40c Year to Jun 30 Turnover R000 Operating loss R000 Pretax profit R000 Headline earnings per share (c) NAV per share (c) 2002 501 1 455 (11 957) (2,4) 205 2003 715 708 4 588 1,0 226 2004 751 1 210 (841) (5,7) 200 2005 1 118 225 (3 789) (14,4) 185 % chge 49 (81) 351 153 (8) Trading vol 12-month average ('000): 16/month © Financial Mail S&J owns 429 ha deproclaimed land around the old Simmer & Jack mine. Much, damaged by mining, is being slowly rehabilitated, and 65 ha has been occupied by squatters. There were no property sales last year and an independent valuation of the land led to a R4,2m diminution, reversing most of FY2003's R5,3m upward revaluation. Turning the properties to account is proving a slow process and any return to shareholders could be some way off; but the sole executive director last year took out only R152 000, so at least management isn't getting rich either. 23December2005