A correction regarding NTA - NTA increased to 18c from 17c. It was 20c only momentarily and then it decreased to 17c from 20c post discharge of the loan in default (where MIX handed over the keys), which was announced 6 month ago.
1c increase purely due to cash being used to pay off Mirvac loan.
The only disappointment for me is that they still have quite a few vacancies.
In my view, the latest economic positives in the USA have not yet affected valuations / vacancies.
A mid-range conservative scenario should see in 6 month:
NTA back to 20c due to repayment of loan and valuation
Valuations should increase modestly
Mirvac loan should be repaid
1c dividend possible for FY13 and/or share buyback
Realization of entire portfolio possible at any time as it was suggested the portfolio is now too small to be of any interest as a standalone entity. My ideal scenario would be if they could sell portfolio sometime later this year at a small (or big, bring it on) premium to NTA.
Definitely looks like we have seen the bottom.
One for patient investors. Bottom line is it is a derisked asset trading at less than half NTA.
A correction regarding NTA - NTA increased to 18c from 17c. It...
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