dumb question

The following are from the Dec 08 accounts

Gearing 41.2%
Look Throgh Gearing 51.0%
Interest Cover 3.4x
Cash 31/12/08 $842M less Capex $95M Lerss Discretionary Investments $216M add sales post 31/12/08 $168M = $699M
Available undrawn equity capital in Trusts $500M
EPS confirmed at 19.3cents for 2009 year.
Refinancing due $460M in May 2009 (well advanced)

They paid 9.65 cents by 2.71B shares on issue = $268M

Why would GMG pay a distribution of $268M if they are not confident of May 09 refinancing?

They would have used the $268M plus available cash to repay the loan if full??? And still had over $517M assuming bthey did the investments of $216M . If these were discretionary they would still have over $700m in cash.

Can anyone explain this???

Also total debt = $4.0729B by repaying the $460M they would have reduced liabilities 13% - there gearing ratio would have reduced also?

Analysts have confirmed they can sustain a further 100-120 basis points increase in cap rates before loan covenants are breached.

I think I am going mad, this company and its management are well respected (note S&P and Moodys comments) they have not misled us yet? Is this panic selling or is someone driving the price down to take advantage??

Any thoughts.

PS. I am still surviving (only just) I am now working on a plan to reduce my margin loan to a level where I can sustain a further 50% drop in GMG, GPT & IIF share price.

This stock based on the Dec 08 accounts, webcast and logic should survive.

In fact if NTA are $1.05 it is worth more in administration
even if you lop of another 30% of the assets the SP is still around 70cents and not 19 cents