anybody out there, page-9

Hi Sgoni,

I agree that ALZ is wobbly but dont think it will go under. The divi's will however get horribly cut back to cash earnings circa 8c which is why they will end up in the 80's.

If you want a long to balance out the short play take a look at OIF. Sold down to 30% NTA last week and recently announced a reduction to 5c pa divi's paid out of cash operating earnings only. That is a 15% divi on 33c share, with earnings secured against good spread of industrial properties, avg lease expiry 11.2 years (companies like WOW) and all leases increasing between 2.5-3.5% pa. Debt due for rollover in mid 2010, which with cast iron earnings security wont be a problem 2 years out.

sorry for the cross ramp, goodluck all however you play it.

cheers