why the low price? this stock nta is $3.6, page-6

http://www.afr.com/p/opinion/raising_for_galileo_japan_trust_82MLpMyi97qET0pMV10WSM

They are looking to raise 200 millions.

My guess is to pay off

Mezzanine eurobonds
Convertible eurobonds
Foreign currency loan

With all these add up to be roughly $200 million

Once these are paid off and if they can avoid converting the eurobonds. NTA should jump to over $8 (this is at december 2012 estimate). Not to mention, since then, commercial properties price in Japan have increased about 6% in the past 6 months and is likely to increase by another 5% in the next 12 months.

Page 7 of FY13 interim presentation shows NT sensitivity to revaluation and exchange rate.

My guess is, without eurobonds conversion. This stock is worth $12, if eurobonds does convert. Then $6 is the estimate.. If japan commercial real estate increase by another 5% in the next 12 months. Then $10 is likely even after eurobonds conversion.

Time will tell. Good luck to all holders.

Today market depth.. 92,000 buy vs 8,000 sell