Hi toma,I find it very hard to predict the future direction.I...

Hi toma,
I find it very hard to predict the future direction.
I suspect it is the bank that gets the best outcome from this capital raising.
It gets $12M now, $5M at the end of the year from the profits of any asset sales (or if not sufficient sales, it gets any unspent portion of the $8M operating funds) and it gets about $3.2M interest on the loan.
That is about $20.2M in all, and it still retains first call on the unsold assets.
In my calculation, without selling or developing Point Grey, debt to the bank exceeds the existing assessed value of all other assets (even after capital raising and paying back $12 M).
Even if the assessed values are too conservative and the real estate market picks up, I cannot see sufficient funds been generated to develop Point Grey without further capital raising or taking on debt.(Which ,in turn, diminishes the net asset value of Point Grey) Those Tax Credits could be an important wild card!