In reply to your post.however here's some more .."1. GMG DON'T...

In reply to your post.

however here's some more ..
"1. GMG DON'T have "high tenancy rates"?"

Your kidding right Dog? You ought to try and understand the GMG model and why it has such high occupancy. The only earnings downgrades I have seen on GMG relate to the higher debt margin being paid and on an EPS basis the dilution assuming more come in on Macbank terms.


"2. GMG DON'T have a "little too much debt" that is being resolved by some dilution"

Proper Analysis:-

GMG has signed a $300m finance facility underpinned by
Macquarie Bank Ltd, to use to repay all its 2009 debt expiries.
It is hard to be definitive on what the strategic partnership means until we know the full details. On face value a capital injection will alleviate near term liquidity concerns, although not necessarily the
gearing position. GMG needs to continue the de-gearing process - the impact of which remains hard to quantify for equity holders. The banking syndicate has another tranche expiring in May 2010 ($520m), which GMG should now have sufficient liquidity to repay.

GMG currently has only 250m liquidity issue over next 2 years. GPT and IIF have 900m and 1.4B respectively due over next 24 months.

"3. GMG WON'T fail if the GFC worsens?"
we all will!

Dog there is a position for you to argue but you aint putting any meat on that bone....

fj