The asset sales of $24M announced today will eliminate the $24M...

The asset sales of $24M announced today will eliminate the $24M of remaining interest bearing debt, so now the fund has no interest payments to be paid out between now and June 2014. That wiill improve the quaterly cash flow of the fund.

Not only do they seem to be getting repayments of around $8M per quarter from its RMB book, the cashflow from interest payments will be all theirs now to retain as cash, plus the $10M cash reserve buffer will also be available to meet the deferred interest payment of $42M due by June 2014.As this liability is not interest bearing, they may aas well sit on the cash until June 2014.

Even if they do not actively sell off other parts of the portfolio, they seem to have the deferred interest payment due on June 2014 well covered.

I think the realisation of the 40 cents current NAV will be very achievable, especially if they hang on to their assets for the time being and not sell them at a discount. Maybe now the creditors for the deferred interest will come back to the table and try and get this wrapped up.

Our patience is slowly being rewarded here.