Now GMG has balance sheet in order, ( diluting ordinary shareholders along the way!!), GMPPA should steadily rise to around $80. It will need GMG credit rating to be improved along the way. Dexus Rents (DXRPA ) is currently trading around $80 with Dexus holding a slightly better credit rating than GMG. GMPPA distribution is based upon a margin is 1.9 % above 90 day bbsw and DXRPA 1.3% above 90 day bbsw. Both are paid quartely. Both distributions and capital have preference over ordinary equity. GMPPA has paid a distribution each qtr on time, even when GMG is not paying a dividend.
GMG headstock can raise as much equity and dilute shareholders as much as they like, and GMPPA credit just gets stronger, you hold GMPPA, you rank ahead of ordinary equity. All good at GMPPA.
GMG Price at posting:
$2.58 Sentiment: Buy Disclosure: Held
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