The deferred revenue & deposits from sales of plots grew from Shs 1.8 billion in 2015 to Shs 2 billion in 2016. In line with our accounting policy, these amounts are carried as current liabilities in the balance sheet but will over the next two years convert to revenues as we increase the investment in the projects and thereby increase the rate of percentage of completion. With the road works at our Migaa Golf Estate now well underway, we estimate to have completed this and other project infrastructure works by the end of 2019. This will effectively see a majority of the deferred revenue and deposits from sales of plots translate to revenue between 2017 and 2019.

The book value of the group’s sellable land and other inventory increased from Shs 2.9 billion in 2015 to over Shs 3 billion in 2016. This signifies continued investment into the various projects in an effort to bring them to completion. This investment helps improve the market value of the land bank as the land becomes more desirable period to period

VWAP currently up 61.1% (parabolic spike from 0.90 to 1.40) on vapour volume (500 shares)!

Half an hour later, the parabolic is no more as VWAP currently sits at the open price (0.80). Vapour volume hogwash wiped out. The positive thing is that gap up (243% uptick) on the news has been closed. Nasty price manipulation.