Hi KG,Will you take up your allocation in the current round of...

Hi KG,

Will you take up your allocation in the current round of dilutions?

Regarding your cashflow calcs - those monies were used for investing - and poorly at that - I wouldnt include them as part of operating requirements... as they re not - the business will earn its 400m odd +/- independent of spending that sort of money.

Its paid off now, albeit pissed against the wall by some abhorrent management.
Moving forward, I dont see anywhere near that sort of capex / funding being needed - do you?

I agree - without the dilutions - as it turns out GPT might have been in a spot of bother - but at least they are in good company, along with Westfield, Wesfarmers, Stockland and a host of others..

Im not sure which company if any have managed to get banks to refinance on favorable terms... so yes, we are the new bank.

I believe it is now a $3.2b better capitalised business than when I first invested in it. Market cap is currently atrocious - but I think thats completely off kilter... and steps such as strengthening the balance sheet will assist in the long term.

I would also like to ask how you see things getting worse from here? Not a good question to have to ask - but here we are...