good +pos news, page-11

My guess is that it will say the revenue line is still ok by virtue of fall in A$ and redemption freeze. But the big issue is impairments and unhedged US$ debt. Whilst I can see the logic of leaving the debt unhedged in a normal environment (ie US$ debt offsetting a US$ asset being Lighthouse), the problem is that the asset is likely to be worth significantly less than they paid, thus no longer a good hedge.

A positive announcement regarding renegotiating debt with the banks would be good news, but it still doesn't eliminate the fact that they have a large debt position in a rapidly changing financial market.

Thus, in short, new debt arrangements would be good news, but still a lot of uncertainty in this stock for at least another 12 months IMO.