36c : how is this possible, page-47

The banks knew from day 1 that a fire sale of all Centro's assets would not cover all of its maturing debt, hence there is no point granting a 2 month extension if their aim was to get back all of their lendings.

The fact that they has granted the extensions show that all they wanted is a partial repayment to reduce the gearing level, then they'll be happy rolling over the rest of the debt.

Uncle Glen seems very positive about this. Why then is he taking his time in the asset sales? Take a look at MFS, their debts are not even due yet they have already off-loaded huge chunks of assets in a fire sale, and shares are still in suspension. Centro on the other hand have already been given two extensions, and we have yet to see any fire sale.

My only concern with Centro is how much dilution the recapitalisation will mean for share holders. But I can't see how it can be any worst than the current share price.