gpt announces entitlement offer , page-2

"Under the Entitlement Offer, eligible Securityholders are invited to subscribe for one (1) new GPT
security (“New Securities”) for every GPT stapled security owned at a price to be determined by a
bookbuild conducted as part of the Institutional Entitlement Offer between Thursday, 23 October
and Friday, 24 October 2008. GPT will remain in a trading halt until completion of the Institutional
Entitlement Offer period."

just had look at the presentation

look through gearing will go from 46 to 41

the debt covenant with the bank will be raised to 55% on one of the loan facilities

will that be enough?

assets $14 bn
debt $5.7 bn (41%)

to breach the covenant asset values would have to fall to $10.36 bn

5.7/.55 = 10.36

that is 25%

is a 25% decline in asset values reasonable in this climate

if properties are devalued by 30% we could be looking at another capital raising

please check figures