Thanks for your work Defab.
What I don't understand is why a 25-35% LVR is now seen as the benchmark. I understand the fear and loathing caused by the GFC but surely a 25% LVR would represent a very lazy balance sheet. Sure, other trusts (eg MOF) have pushed their LVRs down but only with significant dilution.
Regards
Alf
my thoughts on capital transaction, page-6
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