They accumulated their properties reasonably quickly against competition from many Aussie "Japanese REITS" and hedge funds.
They may have bidded aggressively to do so.
If that is the case, the distressed sale vaue could easily be 25% below what they paid.
They have to sell some property or raise more equity capital to entice the lenders to rollover debt.
These are some of the reasons they have fallen from $1 to 8c.
For me, still see some chance 8c is cheap (because of negative sentiment) in the medium term but we're about to see a big announcement next week which will make the picture clearer.
RJT Price at posting:
0.0¢ Sentiment: None Disclosure: Held
