current portfolio, page-2

The core portfolio is

Ambarvale Tavern (ex Icon), Ambarvale NSW
Commodore Hotel (ex Icon), North Sydney
Dolphin Hotel (ex Icon), Surry Hills NSW
El Toro Hotel (ex Icon), Warwick Farm NSW
Five Dock Hotel (ex Icon), Five Dock NSW
General Gordon Hotel (ex Icon), Sydenham NSW
Uncle Buck's Hotel & Retail Centre (ex Icon)Mount Druit NSW
Bowral Hotel, Bowral NSW
Brisbane Hotel, Perth
Central Hotel, Bundaberg
Courthouse Hotel, Cairns
GPO Hotel, Fortitude Valley, Brisbane
Lawson Park Hotel, Mudgee

plus 50% share of 14 NSW Panther Clubs
plus $63m loan to Panthers
plus 6 NZ hotels for sale

We have the Icon leasehold and freehold combined again - while the debt burden that the leasehold was carrying has been written-off by Icon's banker.

IEF have placed themselves in a sound strategic position to generate sustainable trading profits. Now they have to do it. NTA wise, possibly a cyclical low of 9-10c to be reported for 30 June. Plenty of upside to claw back.