2020 The Year Of URF, page-28

until the "fees" that are charged for marketing / maintenance / spruce-ups to sell - are changed .......... its not "investable" (imho) ........

1. the rent received - outgoings doesn't cover the int costs
2. the asset sales will continue / accelerate, as Noonax points out - there has been an increase in gearing as a result of the falls in asset values ........which has implications ...

this is akin to a dog chasing its tail ......

3. what is "not clear" is if the chg in asset values includes to "cost to sell" (aka fees paid to "friendly advisors", or is just mark to market of known comparable asset sales.....
4. with convertibles with a FIXED no of conversion ........they get dragged down by falls (below the "put price") in the underlying ......

this thing is going to have to be restructured.........

likey (imho) to have quite a bit of pain ahead of it .......

see PaperlinX (Spicers) example for what happens when management don't wish to "do a deal" .........took 3+ yrs .......

rgds
V_H