Well, a large document which essentially says nothing new.they...

Well, a large document which essentially says nothing new.

they simply restate NTA = 10.5c although l am not sure how much of recent AUD appreciation is included in that.

they state that gearing is too high and should be in the 30 - 40% range. in order to achieve that either asset sales or capital raising would be required.

other REITs have been sold at discount to NTA, so the question is whether EPN could get acceptance at say 9.5 - 10 cent level.

either way there is upside for EDT due to revaluations , increased tenancy and no real risk from loan renewals for the next few years.

but no prospect of div until gearing is reduced.

opinions, comments welcomed...........