Managing director neil werret, also have some skin in the game. He hold 1/2 million shares.... Equivalent to 6.25% of the trust, therefore i don't think he will want a massive dilution...
My thinking is the eurobonds will likely to convert, then recapitalising will happen at between $3 to $4... Looking at the massive rise in japan commercial real estate in the past 6 months, $6 to $8 seems more likely. A 5% increase in valuation means... NTA post eurobonds conversion is within the $6 range..
GJT Price at posting:
62.0¢ Sentiment: LT Buy Disclosure: Held
