Ann: Market Update - Pass Through Note Terms , page-2

That looks like its handlebars down to get this wound up, if the anncmt is something to go by.

That is indeed good news, especially the decrease in the liquidity reserve (which is now no longer really needed once the debt was paid off) from $10M down to $1M. They will I assume then just directly use that $9M right now to further reduce the deferred interest (hopefully before June 30 reporting period) and this will reduce by 1/3rd the outstanding $25M or so that is owing. This will further reduce gearing and reduce NAV volatility as well I suspect.

I suspect that was the carrot for the deferred interest holders – take $9M plus whatever other cash we have now, and relax the standstill terms and you can have the rest of the money back even sooner. They would definitely agree to that. Someone (apart from the manager) is pulling the strings here to get this wound up.

As for the rest of the news, they are basically throwing out the window the standstill terms for the remainder of the portfolio and are free to pretty much sell the rest of it up as it suits them and return the money to the shareholders.

I think they are going to start a total sale program in the very near future and have a crack at finishing this off by the end of the year.

I am quite happy to take a discount to face to receive the money sooner. This one has been a cracker.