Ann: Market Update 31 March 2011 , page-3

They would definetly be cash flow positive as the penal interest rate on the majority of the debt is only 2% whilst a smaller portion is at 6%.

The secret is can they sell some of their debt ahead of time to completly pay off the debt so we can start getting dividends. I estimate that this will be possible by end of 2012 if they start taking a few small haircuts on a few positions.

If you can wait a few years this things will be like RHG, as the cash starts mounting up the argument will be how its returned. The NTA has risen dramatically from 30 June last year and I reckon will be close to 50cents this June.

Once the debt is paid off income will be 4cents per share, and then as the capital is repaid that should be distributed to shareholders. So for the patient this thing is a money making machine