This is their announcement made last Friday regarding debt levels:
CITY PACIFIC CLARIFIES FINANCIAL POSITION
In response to media reference today City Pacific Limited (CIY) would like to clarify
its current financial position in relation to its gearing.
Company gearing as at 31 December 2007 is approximately 46% ($102m including
project specific debt) of net assets. Consolidated gearing as at 31 December 2007 is
approximately 57% ($132m including project specific debt) of net assets. The
Directors consider these gearing levels to be conservative.
The City Pacific First Mortgage Fund’s loans in arrears are currently at $41 million
which is down from $95 million at 30 June 2007. The Directors consider that all
principal and interest will be recovered in full in the current financial year.
CITY PACIFIC LIMITED
Phil Sullivan
Managing Director & CEO
I hold CIY
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