ing increased substantial holding, page-18

Haka - a tiered structured is a sensible assumption. I would worry though that they might also try to trim the existing LVR. Although, I don't think that would be the end of the world, as they would still have good interest cover (I think you are about right on your comparative all in rates) and if required, could put in place mezz finance until values improve.

We'll know soon enough.

Bound to see a significant improvement on today's SP if they can lock down an extension in 2009.