@htran, I agree that the nightmare is over. I expect the asset...

@htran, I agree that the nightmare is over. I expect the asset portfolio at end of June was up 1.2% to 2%, compared to FY12. Given the high gearing, the appreciation of asset will lead to NTA jump over $4.

However, NTA is only half of the story. The senior debt needs to be refinanced soon, unless GJT liquidates the portfolio beforehand. At the current gearing, refinance "as is" is next to impossible. So a recap is the most likely path. To get someone to chip in the recap, there needs to be enough money left on the table. The shareholders will need to take a lower than NTA valuation, to ensure the recap goes ahead.

It is still going to be a win-win scenario, as the new capital can be used to pay off the Eurobonds, which is strangling GJT with the 15% interest charge, when GJT's portfolio is only at a cap rate circa 6%.

I am holding a small position, and will wait for the recap. I honestly can't foresee how it may play out.