URFPA: Now a speculative buy, page-43

chk the history of PPX / PXUPA ......

1. they will continue to sell assets to pay down debt .....circa 2 yrs
2. once the other hybrid is paid off, then the entity will either have to raise additional cash, or sell additional assets to repay the PA's .......
3. minus the management fees payable.....
4. else a conversion event ........

it took circa 4 yrs + for paperlinx to play out.......

from the deal date - hybrids made circa 100%, ordinary's circa 50% ........

low for ordinary's was post conversion if my vaugue memory serves......

in short - it will be a long road ........and current NTA is arguably overstated .......

today's announc - buys the entity 2 yrs to fix the mess,,,,, plus keep selling assets to pay down debt.......

still hasnt addressed the reasons "why" the underlying assets dont generate enough rtn (and if you chk the disclosure doco's - you will sell why - they get paid when new lease is signed ......(why in a supposed tight rental market is so much of their stock not leased!!!)/ + % of sales on asset divestments ....plus the std man fees .......

the important thing - is the timeframe is now pluasible ........rather than extremely tough !

rgds
V_H