I spoke with Nic Blake and Andrew Butler.Yes they did try to...

I spoke with Nic Blake and Andrew Butler.

Yes they did try to sell assets in 2008 and 2009, but they did not have long term, covenant friendly, funding in place and this was in the middle of the GFC with vacancies rising and property values falling. They were seen as forced sellers and I think the enquiries they dealt with reflected that. We are in a different environment with the business today - long term funding in place, nil covenants, leasing activity rising - vacancies falling, last property valuations showed a turnaround with cap rates firming.

Yes the ING financing has prepayment restrictions but what they will likely do is sell the whole structure with funding in place - this is part of the attraction to a buyer. I guess the sale could be in 2 lots as they have 2 seperate debt / property portfolios.

I bought more this week at 7.5 cents, too early I guess but will continue to accumulate should the price fall further.

Note that the NTA is approx 18.7 cents with the AUDUSD at USD97 cents. That represents a 10% growth in NTA on the back of the AUD decline.

Let the AUD tanking continue!