Interesting article on the Internet -...

Interesting article on the Internet -

http://www.theshout.com.au/2010/03/12/article/Kinselas-Sells-for-12-million/AWRDVKAJXJ.html

This is a inner city Sydney pub that has sold for $12 million dollars on a 12 percent yield. Few country pubs in IEF's portfolios have had their valuations smashed lately.

Friday's fin review has the results of the Steyne Hotel sale. ( I do not remember)

This may be a good yield marker for some of IEF's inner city pubs (eg. Aussie Rules Club).

LEP has also had little success selling four Qld pub recently with no one bidding at an auction.

http://www.theshout.com.au/2010/03/05/article/ALE-Auction-Fails-to-Excite/PQSAPOVQFI

IEF must have some pretty awesome good pubs - the whole portfolio is on a yield of 9.1%. Mmmm.

Based on your analysis haka if you are already in, you may as well hang on for the ride. Had to look at convertible notes, does not seem to be a major issue. ( announcement in 2007). I will concede about the 60% LVR, but I still reckon no distributions for a couple of years - just banks and management win!!