If there is low cost finance available management of GJT should...

If there is low cost finance available management of GJT should refinance.

There are many property trusts both listed and unlisted around the world who are in the same highly geared distressed position as GJT. There are very few buyers around who have the capacity and are prepared to buy a whole portfolio of properties at a premium to NTA.

There are many more buyers around who have the capacity and are prepared to buy one or two properties at a premium to book value (look at Astro Japan's recent property sales as an example).

Selling properties at a premium to book value would result in an improvement to interest cover and NTA if the proceeds are used to retire debt. It's what we are hoping for and that eventually all debt is repaid and there is something left over which equates to a value of more than 3 cents per share. That's our equity.

Whatever it is that's going through managements head they should by now have issued a release providing an update on the progress of the strategy announced in September 2009 including whether that strategy has changed.