running the numbers, page-3

Good post swap

A further option as per my post a few minutes ago would be to retain their earnings and use them to retire debt.

Others have pointed out that they probably do need to pay some dividends to hold some of the funds as shareholders, but it could be a very small amount for 2 or 3 more years.

Internal funding is always the cheapest source of capital, and they do have the cashflow/profit to do this.

If they could do this in conjunction with your option 1, it would imo be the best path to take for the long term benefit of shareholders.

With interest rates low in the US and the fact that Centros rents/income does rise over time, as you say the maths are fairly compelling

Things will no doubt become a little clearer when they release their profit figures on Feb 29th.
As they have already stated, things are going well with their rentals/occupancy but the financial press is choosing to ignore this, refusing to acknowlege the quality of their earnings.

Perhaps when they do release the results,sentiment will become a lot more positive.

Agree with you absolutely about bringing in further equity partners.
This would have a massive negative inpact on current shareholders in the company.

Cheers,

Bendigo