re: Ann: IEF Senior Debt Facility Conditions ... Grandmaster,...

re: Ann: IEF Senior Debt Facility Conditions ... Grandmaster, IEF have now extended their primary debt for a number of years and are in the process of working out the trading issues with one of their primary tenants.

GFC2, I think we will have more to worry about if it becomes GFC2. As someone else here said, who was to say that we were out of GFC 1?

I think if you look at this stock on an NTA basis, its a buy. Risk reward basis, its a buy.
The real estate value alone (even discounted further) is 50+c per share. JV with Panthers is still valuable. With the number of people in Australia increasing so heavily I think it will be fine.

I agree with you that divs will not be paid in the short term. Especially given the focus on debt reduction and capex programs. I would be surprised not to see additional sales (at the opportune moment).

I cant fault management up until now. Dan has done a great job and credit to him that he hasnt come to market asking for capital with the share price at current levels. That would be doing the stock a large disservice.

Also with so much of the register with Orbis now, I think any upward movement will only be capped by their sale trigger.

I think medium term this is a hold, and possibly an accumulate dependant upon risk appetite + investment strategy.

Please dont take my word for anything that I say.
DYOR