time to buckle up, page-17

Guys I would look at IEF if I where you..

The only question mark is the LVR covenant at 60%.

Its simple, has some great assets, good management, still paying a div, sensible valuation and is at a huge discount to NTA. The other thing with this one is that between orbis, ING and another funds they own 50% and at higher prices than it is now.

Any run on the sector could see this one move allot given the tight nature of the stock + decent development potential with the Panthers JV ( in the future)

Just FYI

Sorry VPG ers (still much larger % upside here)