hopefully they will bounce back in the morning

VALAD PROPERTY GROUP (VPG)
Kimco alliance
Last Price: $ 1.000 Change (+/) -$0.220 Change (%) -18.03%
Valad Property Group, which yesterday went into a trading halt, was in the news again today after it said it has only $90 million of asset-backed bank debt to refinance this calendar year.

The announcements follows VPG’s $200 million convertible note sale to US partner Kimco Realty Group. Earlier today, VPG entered into a strategic alliance with Kimco to market their funds management products to major pension funds and other investors.

VPG was one of the main culprits of the credit crunch, with the group’s stock halving in just over three months.

Today’s announcement failed to satisfy the market, which had been hoping that VPG would reveal a white knight to buy out the company. The stock closed down 18% today.