News: Federation Centres Half Year Results Announ, page-2

re: News: Federation Centres Half Year Result... One can view our new business strategy of creating 50-50 (or is it 51-49? don't know, sorry) partnerships with various groups in a POSITIVE light, in that it spreads OUR risk if a given centre starts having issues, and frees up capital for deleveraging and new project development. But it seems to me there is a flipside, and that is, we've been getting OUR house in order, but now we will start to be partly dependent on other groups maintaining their healthy balance sheets. So, I personally know v little about Perron Group and ISPT, and what their debt to equity ratios are etc. In the worst case scenario, say a partner of ours was to become financially distressed and needed to offload their share, do we have a say in who they can sell to? If they try to sell but cannot within a certain timeframe, are we obligated to buy back that share, and do we have to maintain a certain amount of discretionary funds to do that? I suppose in fact we would increase our borrowings, and then hold it until the mkit was more favourable and then find a new partner.