Well, GrahamMac, I guess it all depends on whether you view the...

Well, GrahamMac, I guess it all depends on whether you view the present credit crunch as a hiccup, or the start of something nastier.

I favour the latter view and, if that's the case, ALZ has a huge project book which needs: (a) short-term funding to completion; then (b) longer-term debt within its trusts to go along with the equity, in order to keep your dividends coming.

If you're right, you've got a nice, safe investment for the longer term.

However, if I'm right, any company relying on these kinds of funding models (which not only includes property developers, but also mortgage providers, investment banks, etc.) is deep in the poo!