.....it might as well be this mysterious little paragraph from teh CER 2009 Annual Report. It is subject to open interpretation in my view. However, I am interested in the correct interpretation and as yet I do not know what that is. CEO's Report from Page 3:
"Lowering Leverage
While we were in compliance with all of our debt covenants at 30 June 2009, property devaluations are putting loan-to-value (LVR) covenants (primarily related to Australian facilities) under pressure. Over time, a key objective is to lower our LVR which is currently 76.8%. We do not expect to reduce our debt to peer group levels WITHOUT A CAPITAL TRANSACTION. Your Board and management are reviewing many financing strategies including portfolio combinations and geographic segregation."
CER Price at posting:
17.5¢ Sentiment: None Disclosure: Held