Australand is so credit-worthy that the last timeit refinanced a...

Australand is so credit-worthy that the last time
it refinanced a portion of its borrowings (that
needed refinancing) it was able to do so at a
much smaller margin above the long-term bond
rate than the previous time refinancing was due.

If interest rates being offered to ALZ are not
attractive to ALZ, the solution is simple.

The last time GMG (Goodman Group) wanted cash
it was called Macquarie Group and its price on
market was (from memory) about $6.

Now it's close to $7.

So the management offered existing
share-holders new shares at $5 each.

And it was people like my wife and I
who redrew cash from a mortgage
on a rental property to get aboard
such a marvelous discount to
a market price we knew
was bound to slowly
increase as ALZ did.

Bottom Line:

Which ever way the US sub-prime
cat jumps, ALZ will power forward.

I have every faith ALZ's management
will know when to borrow and when to
refinance by offering discount shares
to (hint! hint!) devoted and
loyal ALZ share-holders.

But with no ALZs, TheWord will
get left out (Sob!) but will get
his just defeatist deserts...

A whopping great big fat zero
(by way of discount shares)
while The Goblin and Graham
have portfolios overeflowing
with discount ALZ shares!

If all else fails - you know the rest!