Sellers are just waiting to bail out at the best price they can. Looks like heading back to the 20's.
Goodman really need to make a statement. Any statement would probably release the pressure on the sp.
IOF has rebounded from yesterday. It has similar re capitalisation rumours going around but GMG just continues to tank.
I guess it doesn't help that the biggest property companies in the UK are writing down their property holding values by 35%. I think this factor alone is holding back GMG from any announcements as this could affect covenants probably more so in theor funds which are much more highly geared than the headstock. This will also affect the value of intangibles which GMG refused to take a writedown on at 31 december, 08 from $1.2 billion.
GMG Price at posting:
28.2¢ Sentiment: None Disclosure: Not Held
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