It was good to see the NAV holding up steadily after all the asset sales and debt reduction in March.
The fund should now start to have positive cash income and no interest to pay each quarter, so perhaps (at a rough guess) add $1M in excess cash to the fund each quarter. Hopefully we get a gradual rise in NAV above 40 cents and holding up through until June 2014.
Let's hope there is not too much discounting when they start selling up the assets in Sept 2013, although if the current repayments on the RMBS mortgages continue as they have been, I don't think they are going to need to do too much selling of assets up to June 2014 as fund cashflows will naturally pay off the deferred interest.
MXQ Price at posting:
33.0¢ Sentiment: Hold Disclosure: Held
