these guys are hiding something again, page-5

The GMG investment in IIF was made in July 2007 and it is on public record they purchased 9.4% shareholding,. Anyone can pick up a calculator and work out what the loss is on any trading day so how can you say they have hidden this information?

IIF went into a trading halt to raise funds but it would appear from the financial review a few days ago it fell over from a lack of support. The revised outcome seems to be distribution cuts, asset sales and negotiating covenant rate increases with banks at a higher funding cost. IIF looks like a sitting takeover target now.

Obviously brokers knew the fundung issues with IIF and could see todays price fall coming and marked down GMG also over the last week based on their shareholding and the fact they both operate in the industrial space.

There are articles in the Financial Review and Australian papers today on the LPT sector and both have 2009 outlook from Greg Goodman. 2009 will be another tough year but things will turn when credit markets thaw. GMG is not a short term recovery but at least an 18 to 24 month hold.