sudden large volume, page-3

And big volumes over the last few days, and especially today.

GPM have nicely repaid debt by selling investments and by profitably selling down inventory.

With a 2009/10 20% gross margin on low cost housing, they've proven they can run very profitably with the new business model.

They have reached the end of the inventory sell-down phase. It's now time to ensure the pipeline remains full. They will apply cash from retained earnings, the net proceeds from the remaining $30m of investment buildings, and increase the MOF facility by $20m. There is a delay though. No new investment building sales have been announced. That in turn may be delaying overall financing. A moderate equity raising is a possibility imo.

The seller will accept down to 20c, and has driven the price down. Not yet known who this is, but I have a suspicion.

Anyway, I topped up. Strong profitability over 4 cps and the June NTA of 37c provides a good buffer for me.