not too suttle attack, page-11

Haka

With regards to recently renegotiated covenants I quote the following from the trusts presentation:

1. Removal of Head Trust gearing covenant

2. Reduction in Head Trust ICR covenant to 1.75x (~20%
EBIT buffer)

They seem to also be saying that LVR's are now largely controlled at the asset level. This is good, each asset or maybe a multiple of assets in some cases look after its/thier own LVR and the head trusts facilities no longer have a LVR restriction in place.

The head trust just needs to concern itself about EBIT.

A huge tick for the Macquarie guys is that they restructure the head trust facility out to 2011. Only asset specific debt matures before then.

If anyone interprets this differently lets us know.