extract from todays Australian Orbis jumps at $59m bank-backed...

extract from todays Australian

Orbis jumps at $59m bank-backed Valad raising

An analyst, who did not want to be named, many investors were interested in supporting recapitalised vehicles in the hope that they could revert close to their net tangible asset backing.

Despite that, the analyst said, the latest raising was not enough to get Valad out of trouble.

"They have harder issues," the analyst said. "It is going to be a long, slow grind for some of these small guys working through debt and refinancings," he said, referring to some of the smaller listed property trusts.

Orbis chief executive Simon Marais said yesterday Valad had a lot of challenges, but was pressing through the worst.

"The share price is so low, even if you believe a third of it (the company) would be OK, you would do fine. I think the chance of losing is very low."

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http://www.theaustralian.news.com.au/business/story/0,28124,26116027-25658,00.html