Ann: FY13 Results Presentation , page-2

still making a $6M loss, due to a $10M drop in property valuations.
However the vacancy rates seem to have reduced so hopefully property values will stabilise given Mkjapans quantitative easing.
Biggest issue long term is if they can refie the $400M of debt.
To me it comes down to selling properties at or above book value , can they do it?
I give them a 50% chance of success, but given the low sp/NTA ratio of around 0.18 the risk of default is more than accounted for.