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I would be surprised if NTA has dipped below 20c per share, however its the loan covenants on everyones mind.

Any reduction in NTA will put more pressure on loan covenants and there has previously been technical breaches.

I am not suggesting that lenders are about to call in loans, but if loan exceeds property values then it wont be pretty.

I was hoping that they could have moved some property internally to APN but as we have not had an update since Nov I think, I suspect there will be some technical breaches.