Ann: Market Update - Debt Advisor , page-4

I dont think it tells us much either. And its seems like a long time to come to such an obvious conclusion. And I did ring and tell them as much. But perhaps I was hasty.

Things that I didnt understand that I do now

The do not need to come back to us the unitholders to sell up enough of the portfolio to clear the notesholders. No unitholder meeting is required

The have certainly discussed with the noteholders the possibility of paying them out . But as we already know without a discount to the deferred margin such a move would have a negative impact on the NTA and I dont think they would pay them out without some discount

There is only about a dozen noteholders in total . So coming to an agreeement might not be so difficult or take so long.

They dont expect the process of coming to an agreement with not noteholders to take as long as the process has so far.

From my understanding , they could have gone and done a deal sold of assets and paid out the noteholders and then told us in retrospect.

I wonder if this is a case of over disclosure rather than under. After all they got a speeding ticket a few weeks back and perhaps are also a bit worried about the new substanitial shareholders attitude

who knows perhaps it will happen sooner than we think. I do think it will only be a case of firstly selling enough to clear the debt and then as and when opprtunity arises with period capital returns