Ann: Extension of Bank Facility and Update on Asset Sales, page-5

Taking the right steps. But with $48m in debt with NAB, its hard to make the economics for a bid to work. What the Board is more likely to do is to raise equity ( as likely required by NAB), reduce the portfolio size via asset sales, repay more debt and focus on the best of the remaining assets with a niche angle. At that point it becomes interesting again and also attractive to a bidder. Its a long road to recovery - 2 or 3 years - but the Board is doing what it has to be done.