current portfolio, page-5

TP,

Sorry for the delayed reply. I don't follow HC on a regular basis these days.

Re the $63m Panthers loan, suspect zero chance of full repayment by 30 June 2013. It's imagine it will be rolled, but am expecting partial $10m repayments as we go along.

Security is by way of a non cancellable lease, backed by core Panthers assets, with contracted creep provisions which match the increasing interest rate we charge.

The Panthers are assets rich and have substantial revenue from gaming and the clubs. I suspect control of expenses has been slack for many years, but this gives the leeway for improvement.