Ann: Fund Update , page-2

Good news I think. MPS now has no debt (apart from look-through debt in the underlying investments) and an NTA exceeding 11 cents. Any SP discount for debt-related risk should now be lower.

Distributions are due to "commence from" the December quarter (not sure when that means?) and that should help the SP which still languishes at only 60% of NTA. I would not expect the dividend to be huge given that some underlying investments still seem to be deleveraging and not distributing yet (although that should be accumulating as underlying value).

There may be some litigation risks but also upside risks worth a bit of extra NTA depending on the appeal results.

The on-market buyback listed in their strategy update is a bit strange given the capital raising we have just had at 6c but it presumably will help support the SP whenever it starts. Not sure why we will have spare funds when we don't know what we will be further investing into St Kilda Road - but I guess all will eventually become clearer.
Alf