Ann: Annual results announcement, page-6

A director purchased shares on September 8th, so a near-term cap raise seems unlikely (but not impossible, of course).

The share price has taken another leg down very recently. At current valuations, GDI could sell Westralia Square I at, say, a 10% discount to the most recent independent valuation ($371m*.9 = $334m) and buy the entire/remaining company on market (at current trading price of 60c per share).

GDI's portion of the Autoleague portfolio is worth $137m, and I suspect GDI would get that price if they put it on the market (CPI + 1.0% rental escalations).

With circa $137m, they could pay down $50m debt (reduce debt by 15%) and activate a pretty impactful on-market buy-back with the rest. The current market cap is only $321m.

Based on the earnings call in August, I'd say the market is disappointed that management is pursuing investment opportunities (mining accommodation joint venture), rather than activating an on-market buy-back.