The Group’s tangible net assets (excluding deferred tax on properties) at 31 December were $330.4 million compared with $527.5 million at 30 June and tangible net asset backing per stapled security excluding deferred tax was $0.61 (June 2008: $0.94). In line with many other A-REITs, AEZ has been heavily discounted by the market even though the underlying operating cashflows and net asset position remains strong. As at 31 December 2008, with the price per security of 6.4 cents, AEZ had a market capitalisation of $34.9 million.
Current position ��No loans have been called for repayment ��AEZ remains within all interest cover and debt service covenants ��AEZ has the support of its bankers ��Detailed resolution strategies presented and under review with lenders ��AEZ is not a forced seller of any asset
AEZ Price at posting:
5.1¢ Sentiment: Buy Disclosure: Held
